Thanks to Downward Revisions for July, Durable Goods Orders Unexpectedly Bounced in August

July’s durable goods orders were revised downward to a -5.6% MoM drop, the most significant since COVID lockdowns. August saw a slight rise of 0.2% MoM, against an expected -0.5%. Excluding transports, orders increased by 0.4% MoM, after July’s revision from +0.4% to +0.1%. Core capital goods orders, a measure of equipment investment, grew 0.9% in August after a 0.4% decline in July. This metric has been revised downward five times in the past six months. It’s worth noting these values are in nominal dollars.