September 25, 2013

Durable Goods Mostly Misses

Filed under: Economy,Taxes & Government — Tom @ 8:43 am

Expectations, per Business Insider:

Economists predict total orders fell 0.2% last month after dropping 7.4% in July. Durable goods orders excluding transportation are expected to have risen 1.0% after falling 0.8% the month before. Nondefense capital goods orders excluding aircraft (a.k.a. “core capex”) are expected to have risen 2.0% in August after falling 4.0% in July.

Per the report just issued at 8:30 a.m. ET:

  • Total orders increased 0.1% — beat, but negated by the next item.
  • July was revised down to -8.1% — ouch.
  • Excluding transportation was down 0.1% — big miss.
  • Nondefense excluding aircraft (“core capex”) increased 1.5% — miss, but offset by upward revision to -3.3% in July.

The downward revision to July negates any enthusiasm one might have for the August.

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