US Durable Goods Orders Disappoint In August As Recovery Stalls

After three straight months of aggressive rebounds, analysts expected preliminary August durable goods orders data to slow dramatically, but the actual print was even worse then expected - rising just 0.4% MoM (vs +1.5% MoM exp)...

Source: Bloomberg

On a year-over-basis, durable goods orders are down 6.3%, and appear to have reached the zenith of the recovery.

Source: Bloomberg

On the bright side - capital goods shipments non-defense, ex-air - a proxy for business investment, rose 1.5% MoM (better than the expected 0.8% MoM).