Updated: 27-Sep-23 09:20 ET
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Updated: 27-Sep-23 09:20 ET |
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Highlights
- Total durable goods orders increased 0.2% month-over-month in August (Briefing.com consensus -0.2%) following a downwardly revised 5.6% decline (from -5.2%) in July.
- Excluding transportation, durable goods orders were up 0.4% (Briefing.com consensus 0.3%) following a downwardly revised 0.1% increase (from 0.5%) in July.
Key Factors
- New orders for primary metals declined 0.6% month-over-month after declining 0.1% in July.
- New orders for fabricated metal products jumped 0.5% month-over-month on the heels of a 0.7% increase in July.
- New orders for machinery rose 0.5% month-over-month after a 0.7% increase in July.
- New orders for computers and electronic products were up 0.3% month-over-month, rebounding from a 0.6% decline in July.
- New orders for transportation equipment fell 0.2% month-over-month after declining 14.8% in July, but new orders for motor vehicles and parts increased 0.3% after increasing 0.7% in July.
- Shipments of nondefense capital goods orders excluding aircraft, which factors into GDP computations, increased 0.7% month-over-month following a 0.3% decline in July.
Big Picture
- The key takeaway from the report is that orders for nondefense capital goods excluding aircraft -- a proxy for business spending -- were up a robust 0.9% month-over-month, rebounding from a 0.4% decline in July.
Category |
AUG |
JUL |
JUN |
MAY |
APR |
Total Durable Orders |
0.2% |
-5.6% |
4.3% |
2.0% |
1.2% |
Less Defense |
-0.7% |
-6.0% |
5.8% |
3.1% |
-0.5% |
Less Transport |
0.4% |
0.1% |
0.1% |
0.7% |
-0.6% |
Transportation |
-0.2% |
-14.8% |
11.9% |
4.2% |
4.8% |
Capital Goods |
-0.2% |
-14.6% |
10.9% |
2.6% |
5.1% |
Nondefense |
-2.9% |
-16.7% |
16.8% |
6.6% |
0.2% |
Nondefense/nonaircarft (core cap gds) |
0.9% |
-0.4% |
-0.4% |
0.4% |
0.7% |
Defense Cap Goods |
18.6% |
3.3% |
-23.2% |
-15.8% |
35.9% |