New orders for Durable Goods looks good on the surface, up 4.7% just from last month and 7.8% from a year ago. The headline number showed an increase of $13.215B. Non-defense aircraft orders were up $15.5B, so the aggregate of everything else was down on the month.
New Orders for Sep.
Nondefense Capital Goods ex-Aircraft is a good proxy for Capex. It grew at 2.36% and looks like it may be on an upswing after showing some weakness starting at the end of 2022. Durables ex-Transports grew 1.66% from a year ago, similar firming.
Dollars
Annual Growth
Weakness was seen in Steel, Primary Metals and the Defense Department. Given some of the underlying weakness, I think this bears a closer watch over the next few months to see if the bit of positive momentum sustains.More By This Author:Macro: New Residential Sales
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