Thanks to a large downward revision for July (from -5.2% MoM to -5.6% MoM - <a href="https://www.zerohedge.com/economics/us-durable-goods-orders-crashed-most-covid-july">the largest drop since the COVID lockdowns</a>), preliminary August durable goods orders rose a marginal 0.2% MoM (vs -0.5% MoM exp).

Looking under the covers, we find more noise in this time series with orders ex-transports rose 0.4% MoM (+0.2% MoM exp), thanks to a big downward revision in July (+0.4% to +0.1%).

Additionally, we note that the value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, soared 0.9% last month after a revised 0.4% decline in July.

Core Capital Goods Orders have been downwardly revised&nbsp; 5 of the last 6 months...

Finally, as a reminder, this series in in nominal dollars...

...thanks to huge downward revisions.
{ai:summary}Preliminary August durable goods orders rose slightly by 0.2% month-on-month, after a significant drop in July. Orders excluding transports also increased by 0.4%. However, core capital goods orders, which reflect investment in equipment excluding aircraft and military hardware, saw a 0.9% increase, following a decline in July. #economy

Durable Goods Orders Unexpectedly Bounced In August, But...

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