August durable goods orders data are out.
Total orders unexpectedly edged up 0.1% last month. Economists predicted a 0.2% decline. July’s decline was revised down to 8.1% from 7.3%.
Orders of durable goods excluding transportation were down 0.1%, versus expectations for a 1.0% increase. July’s decline was revised up to 0.5% from 0.6%.
Orders of nondefense capital goods excluding aircraft (a.k.a. “core capex”) rose 1.5%, versus expectations for a 2.0% increase. In July, core capex fell 3.3%.
And shipments of nondefense capital goods excluding aircraft were up 1.3%, versus expectations for a 1.5% increase. July’s decline was revised up to 1.4% from 1.5%.
“The report argues in favour of the FOMC’s recent decision to await further data points that might indicate sustainability of demand,” says Miller Tabak chief economic strategist Andrew Wilkinson. “While the report was not weak overall, it does not point to acceleration of activity at this stage.”
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