Durable goods fall in August on a pullback from transportation orders

Durable goods orders fell 1.3% in August on a 10.3% pull back in transportation orders. Excluding transportation, durable goods orders were stronger than expected, rising 2.0% in August.

Nondefense capital goods orders excluding aircraft rebounded by 4.1% in August and shipments of these capital goods rose 1.6% in the month.

BOTTOM LINE

The underlying details of the durable goods orders report were solid as every major category of orders (apart from transportation) posted an increase in August. Nondefense capital goods shipments excluding aircraft for July and August are running 10.3% above their second-quarter average at an annual rate, which suggests that business equipment investment will post another double-digit increase within third-quarter GDP.

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