US DATA: Aug durables orders -0.1%, and -0.1% ex transport (the
first drop since Apr) and -0.1% ex defense. Boeing Corp had 127 new
orders vs 115 in July, a 10% gain, and Commerce Dept reported +23.5% new
civ aircraft orders. But that and computers +1.3% and electronics +1.3%
were the few signs of strength in the report. Most areas were weak, incl
autos -8.5%, primary metals -0.8%, and fabricated metals -0.5%.
Machinery posted +0.1%. July orders levels were rev lower. NDCG
shipments +2.7% after +1.5% in Jul, suggesting higher capX in the Q3 GDP
accounts. Overall shipments were -0.2% and inventories +0.9% in its 20th
monthly gain. Bottom line-a far weaker report than expected that
suggests a slow factory sector.
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