Durable goods orders in the United States in August +0.2% versus -0.5% expected

• Before was -5.2%
• Orders for capital goods excluding defense excluding air transport +0.9% versus 0.0% expected
• Previous orders for capital goods excluding defense excluding air transport +0.1% (revised to -0.4%)
• Excluding transport -0.7% vs +0.1% expected
• Excluding defense -0.7% vs -5.5% before
• Shipments +0.7%

The core order count is good, but the +0.9% figure is a bit of an illusion due to the 0.5pp downward revision last month. Yet even if we remove that, it far exceeds the consensus and strengthens the evidence that the manufacturing recession is coming to an end.