Keeping you up to date on the latest data releases.
- Durable Goods
New orders for durable goods, now down three of the past four months, slipped down 1.3 percent in August, following an upwardly revised 0.7 percent gain. However, much of the overall weakness over the last four months has been tied to aircraft orders. Excluding transportation, orders rose 2.0 percent in August and are still trending at an annualized rate of 9.7 percent over the past six months. Importantly, new orders for nondefense capital goods excluding aircraft jumped up 4.1 percent during the month, almost reversing a 5.3 percent drop in July (that has been revised up from a roughly 8.0 drop according to the initial reading, and is beginning to look a lot like measurement error or seasonal noise). Over the past 6 months, new orders for nondefense capital goods excluding aircraft are up a whopping 23.1 percent (annualized rate), somewhat above its longer-term 12-month growth rate of 19.0 percent. Shipments of durables fell 1.6 percent in August, though were flat after excluding transportation equipment. Inventories continued to rise in August, up 0.4 percent, but at a slower rate than over the past three months (1.0 percent).