Source: Economics Group of Wells Fargo Bank, N.A.Summary
The long-delayed September durable goods report was mostly in line with expectations though the underlying details point to a broadening in the drivers of orders activity. The shipments data suggests our ~6% annualized growth estimate for Q3 equipment spending is on track.Drawing Fresh Breadth
While most are about to break for the Thanksgiving holiday, the delayed September durable goods report tells us how capex spending fared heading into the final quarter of the year. It has been a year characterized by uncertainty, and while it is fair to say that capital investment has been solid in 2025, it has also been uneven.