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Durable Goods Orders Beat As Mfg Hard Data Resilience Remains

US DATA
  • Durable goods orders saw a large beat in the preliminary September report, rising 4.7% (cons 1.8%) after -0.1%, but it was led by volatile items.
  • Core durable goods orders meanwhile saw a more modest but still sizeable beat, rising 0.6% M/M (cons 0.0) after an upward revised 1.1% (initial 0.9%).
  • Core durable shipments disappointed, at 0.0% M/M (cons0.2) after 0.8% M/M (initial 0.7).
  • The trend growth rates of both core orders and shipments are similar though, up just under 1.5% annualized on a 3M/3M basis in decent resilience for a manufacturing sector seen in contraction territory across business surveys.

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