From Briefing.com
08:31 ET Durable Orders -5.9% vs -1.5% consensus
Note that the ex-transportation figure was -1.0%, indicating that most of the drop came in the aircraft component, which had been very strong in the past two months despite underlying weakness in that sector.
08:35 ET Durable orders weaker than expected
Clearly the 5.9% durable orders number was weaker than the -1.5% consensus, but it's not quite as bad as it looks. We were waiting for a payback on recent strength in aircraft orders, which didn't reflect conditions in the industry; we got it this month (-46%). But ex-transportation, orders were down just 1.0%, which wasn't bad after the strength of the past two months. Perhaps the most disappointing number was the 6.6% decline in nondefense capital orders ex-aircraft. This decline completely unwinds the strong July increase of 6.7%. This may just be volatility, but along with other manufacturing evidence, it indicates that the manufacturing sector continues to drag along the bottom.
Russ