Source: Economics Group of Wells Fargo Bank, N.A.Summary Durable goods orders declined for the second consecutive month in August, but in stripping away volatile factors, the underlying details of the report point to some stabilization in core orders. While the August durable goods report suggests new demand is not yet falling off a cliff, the broader manufacturing sector is still facing tough conditions. Some Sign of Strength in August Orders New orders for durable goods came in slightly better than expected in August slipping just 0.2% during the month (chart). While the manufacturing sector still looks to be losing momentum, activity is not falling off a cliff. Digging into the details of the report shows a rebound in defense aircraft orders specifically helped prevent a steeper decline in orders last month (orders ex-defense declined 0.9%). READ FULL ARTICLE>>
