Durable Goods Orders Rebound in September
October 25, 2012 @ 8:37 AM EST
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Economic Update: Orders for Durable Goods
The Commerce Department reported that Durable Goods orders rose 9.9% during the month of September, which was above the consensus expectations for an increase of +8.2% and above last month’s decline of -13.2% (July: +3.3%) .
When you strip out the volatile orders for transportation, orders were up by +2.0%, which was above the consensus for +0.7% and last month’s -2.1% (July: -0.6%). This has caused both Wells Fargo and JPMorgan to cut their Q3 GDP estimates.
However, the proxy for capital spending was unchanged, which was below consensus expectations for an increase of +0.9%
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