- Prior was -1.2% (revised to -2.0%)
- Nondefense capital goods orders ex-air +0.5% vs +0.3% expected
- Prior nondefense capital goods orders ex-air +0.7% (revised to +0.9%)
- Ex transport +0.3% vs +0.4% expected
- Ex defense -2.4% vs -0.3% expected
The headline is soft but it looks like it was driven by weak defense orders. The line to watch is the core orders (nondefense capital goods orders ex-air) which rose above the consensus and caught an upward revision to the prior. Comments in most PMIs have been upbeat since the election and there's likely some front-running of tariffs.
