As the macro data engine slowly starts to grind back into motion, we are given glimpses of what happened 'months' ago. Earlier we got some jobless claims data from four weeks ago, and now we get Durable Goods and Factory Orders data from August...
...and the data we got was kinda meh...
August Factory orders rose 1.4% MoM (a big swing from the 1.3% MoM decline in July and an even bigger drop in June) but in line with expectations. This bounce lifted Orders by 3.8% YoY...
Source: Bloomberg
Core Factory Orders also rose (just 0.1% MoM), lifting orders 1.53% YoY in August...
Source: Bloomberg
More broadly, durable goods orders (final for August) rose 2.9% MoM (up from -2.8% in July) while Core Durable Goods Orders (ex-transports) rose 0.3% MoM (slightly less than the 0.4% expected) but remained solid for the fifth month in a row...
Source: Bloomberg
Finally, we note that Core shipments, an input for the GDP calculation, declined 0.4% (vs. +0.6% prior).
So, August was solid, but as a reminder, it's November!
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