After a solid rebound in June and July, analysts expected September to extend August's slowdown but things were considerably worse than expected as headline durable goods orders fell 1.1% MoM (-0.7% exp) leaving orders down 4.0% year-over-year.
Shipments of non-defense capital goods excluding aircraft - a measure used in GDP calculations - fell 0.7%, more than forecast, after no change the prior month. The report showed the three-month annualized gain for business-equipment shipments declined...
And finally, the proxy for business investment - bookings for non-military capital goods orders excluding aircraft - fell 0.5% after a downwardly revised 0.6% drop the prior month... and down 1.8% YoY - the weakest since Trump's election...
As Bloomberg reports, cracks in manufacturing have been visible in other recent reports. One in six companies in the Philadelphia region plans to reduce capital spending next year because of President Donald Trump’s trade policies, a Federal Reserve survey shows.