Total durable goods orders rose no less than 22.6% m/m in July as aircraft orders more than tripled. Apparently, an air show in the UK helped fuel demand for planes, and non-defense aircraft orders rose 318% m/m. The June increase was furthermore revised from 0.7% to 2.7%.
The less volatile durable goods orders ex transportation category declined 0.8% while consensus had expected a slight increase of 0.5%, however June was revised higher to 3% from 0.8%.
Capital goods shipments rose 1.5% vs. 0.7% expected and 0.9% prior (revised from -1%) while capital goods orders fell 0.5% vs. +0.2% expected and 5.4% prior (revised from 1.4%). These two series point to moderate business investment, both current and future.
Overall a reasonably good report, but nothing like the headline suggests.