US July 2020 durable goods orders
- Prior was +7.6%
- Durables ex transportation +2.4% vs +2.0% expected
- Prior ex transportation +3.6% (revised to +4.0%)
- Capital goods orders non-defense ex-air +1.9% vs +1.7% expected
- Prior capital goods orders non-defense ex-air +3.4% (revised to +4.3%)
- Capital goods shipments non-defense ex-air +2.4% vs +1.8% expected
- Prior capital goods shipments non-defense ex-air +3.3% (revised to +3.8%)
Defense aircraft parts were up 77.1% so that's a big part of the beat and doesn't reflect an economic pickup. However the revisions higher in core capital goods along with a solid headline number show a decent economic recovery; but this is much more in-line than the headline would indicate.
