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The September durable goods orders report came in stronger than expected.Orders jumped 9.9 per cent versus economists’ expectation for a 7.5 percetn gain.
This is a big rebound from last month’s 13.1 per cent plunge.
Excluding transportation, orders grew 2.0%, which was ahead of expectations for 0.9%.
David Rosenberg will certainly have his eye on the core capex orders (i.e. nondefense capital goods excluding aircraft), a key indicator of recessions.
Core capex orders were flat, which was worse than expecations for a 0.8% gain.