US November prelim durable goods orders +0.9% vs +0.6% expected

US November durable goods orders highlights:

• Prior was +1.3% (revised to +1.8%)
• Durables ex transportation +0.4% vs +0.5% expected
• Prior ex transportation +1.3% (revised to +1.9%)
• Capital goods orders non-defense ex-air +0.4% vs +0.6% expected
• Prior capital goods orders non-defense ex-air +0.8% (revised to +1.6%)
• Capital goods shipments non-defense ex-air +0.4% vs +0.7% expected
• Prior capital goods shipments non-defense ex-air +2.4% (revised to +2.6%)

This is a much stronger report than it first appears. There are sizeable upward revisions to the October numbers and that bodes well for the economy in early 2021.