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Sunday, December 4, 2022


(Nominal) US Durable Goods Orders Soar In October, Shipments Spike

Analysts expected a small rebound in preliminary October Durable Goods Orders after September’s disappointing decline in core orders and CapEx. They were right…

The headline orders print soared 1.0% MoM, smashing expectations of a 0.4% MoM rise. That is the 3rd straight month of rising orders and leaves the YoY gain at 10.7%.

Source: Bloomberg

Core (ex-transportation) orders shot up 0.5% MoM (even after seeing September’s print revised lower to -0.9% MoM)

Source: Bloomberg

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.7% last month after a downwardly revised 0.8% decline in September

GDP will get juiced by this print as non-defense, ex-aircraft shipments surged 1.3% MoM.

Is this good news, bad news for stocks?

Finally, we note that all of these data are notional, not real, so mentally adjust your astonishment for inflation.

This post was originally published on this site

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