- Prior was -5.2%
- Non-defense capital goods orders ex-air +0.9% vs 0.0% expected
- Prior non-defense capital goods orders ex-air +0.1% (revised to -0.4%)
- Ex transport -0.7% vs +0.1% expected
- Ex defense -0.7% vs -5.5% prior
- Shipments +0.7%
The core orders number is a good one but the +0.9% reading is a bit of an illusion because of the 0.5 pp revision lower last month. Still, even if we strip that out, it's well-above the consensus and adds to the evidence that the manufacturing recession is coming to an end.
