Durable Data

While durable goods orders fell in 6.8% in July, ex-transportation orders (which exclude aircraft orders as they are profoundly mercurial), were up 0.5% M-o-M and 5.6% Y-o-Y. Better yet, Y-o-Y ex-transportation orders are growing at their best pace since 12Q1. Relatedly, core capital goods, which exclude defense and transportation, and are a good proxy for business investment, have risen in six of the last seven months. Firms are happier!