US August factory orders

  • Prior was -0.8% (revised to -0.5%)

  • Factory orders ex transport +0.1% vs +0.2% exprior

Durable goods orders revisions:

  • July durable goods orders +4.4% vs +4.5% prelim
  • Ex transportation 0.0% vs +0.1% prelim
  • Capital goods orders non-defense ex-air -0.9% vs -0.5% prelim
  • Capital goods shipments non-defense ex-air -0.2% vs +0.1% prelim

A report like this makes you scratch your head. So much of the data coming out of the US has been sensational but the nearly 1% drop in core capital goods orders follows a 1.2% drop the month before. That's a strange divergence that's tough to explain.

The main headline is ok but exclude defence and it falls to +1.3%.