Durable Goods Point To Recovery, Even Ex-Transport

New orders for durable goods rose 1% in September, even if we strip out Transportation or defence. Manufacturing orders were particularly strong, rising for the fifth time in six months.

Inventories also came down nicely for the ninth month in a row.

Year over year, new orders are of course still down 24.1%. Yet September’s performance relative to previous months this year appears to support the U.S. recovery argument.

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