July US durable goods orders -6.8% vs -6.0% expected

July US durable goods orders highlights

  • Prior was +6.4%
  • Ex transportation +0.5% vs +0.4% exp
  • Prior ex transport +0.1%
  • Capital goods orders nondefense ex air +0.4% vs +0.4% exp
  • Prior capital goods orders 0.0%
  • Capital goods shipments nondefense ex air +1.0% vs +0.2%
  • Prior shipments +0.1% (revised to +0.6%)

Those shipments numbers jump out. The argue for revisions higher to Q2 and Q3 GDP.

The headline numbers were boosted in June by aircraft orders and sank this month by the reversal. That’s normal as aircraft orders are very lumpy.

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