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- U.S. Durable Goods Orders: Core orders point to capex recovery continuing - Wells Fargo
U.S. Durable Goods Orders: Core orders point to capex recovery continuing - Wells Fargo
FXStreet notes that the U.S. Durable Goods Orders report released on Friday showed an increase of 0.4%, below expectations. Analysts at Wells Fargo point out the slowdown in core orders was more gradual and shows the capex recovery continues.
“Durable goods orders slowed sharply in August, increasing just 0.4% after an upwardly revised gain of 11.7% in July. The downdraft stemmed in part from a 4.0% drop in motor vehicles as pent up demand from shutdowns shows signs of exhaustion.”
“The rise in core orders suggests that while slowing, the recovery in capex is not screeching to a halt and starting from a better place.”
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