Durable goods orders
- Prior was -0.1%
- Durables ex transportation +6.3% vs -0.2% expected
- Prior ex transportation +0.2%
- Capital goods orders non-defense ex-air -0.2% vs -0.2% expected
- Prior capital goods orders non-defense ex-air +0.2%
The headline was hot but it was in the volatile areas of defense and transport. The market focuses on capital goods orders non-defense excluding aircraft and that was in line with estimates. That said, there may be some upside GDP risk in 2023 from aviation and defense spending. Aviation was under-invested during the pandemic and the Ukraine war has been a green light for more military spending by the US and for exports to NATO partners.