Details of the September 2015 US durable goods data report 27 October 2015

  • Prior -2.3%. Revised to -3.0%
  • Ex-transport -0.4% vs 0.0% exp m/m. Prior -0.2%. Revised to -0.9%
  • Ex-Def -2.0% vs -1.3% prior m/m. Revised to -2.1%
  • Cap goods orders non-def ex-air -0.3% vs 0.0% exp m/m. Prior -0.8%. Revised to -1.6%
  • Cap goods shipments non-def ex-air 0.5% vs 0.4% exp m/m. Prior -0.4%. Revised to -0.8%
  • Total inventories -0.3% vs -0.2% prior
  • Total shipments +0.2% vs -0.5% prior

Looks ho-hum on the headline but poor revisions seen also makes the report worse.

USDJPY has lost about 10 pips on the release

On the face of it the market isn't overly fussed. If I had to pick one then the further drawdown in inventories is perhaps the most concerning. It suggests that firms are easing off production in the face of weak demand, but we know that picture already. Let's see what the data does for the GDP trackers. They ain't gonna be revising them up after this ;-)

US durable goods orders m/m