While total durable goods orders have stagnated below 2007 highs for the last 4 years, thanks to a better-than-expected 2.2% jump in September, the YoY gain was an impressive-sounding 8.3% (the 8th month in a row of annual gains).
Context is king...
Under trhe covers, eveything was rosy:
- U.S. Sept. Durable Goods Orders Rise 2.2%; Est. Up 1%
- Durable goods new orders unrevised for Aug. at 2%, the Census Bureau said
- New orders ex-trans. rose 0.7% in Sept. after 0.7% rise
- New orders ex-defense rose 2% in Sept. after 2.6% rise
- Non- defense capital goods orders ex-aircraft rose 1.3% in Sept. after rising 1.3% in Aug.
The question is- how muich of this is one-off demand dragged forward due to the storms?
But of course, since when did 'hard' economic data matter any way?