There was some softness in the preliminary September durable goods report, while the August numbers were revised lower again to -3 percent. The headline decline of -1.2 percent was largely a result of a -36 percent drop in civilian aircraft bookings, which outweighed a 12 percent rebound in the defense category. Core shipments were the bright spot, up +0.5 percent, but there was an offsetting downward revision to August. Core orders were down slightly.
Other sub-components were also weak with ex-transportation down -0.4 percent following a downward revised 0.9 percent decline in August.
This report confirms what we saw in the industrial production data where manufacturing in September slipped for the fourth time in five months. The rising U.S. dollar causing weakness in exports is what is hurting the factory sector.
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