US: Recent apparent strength may overstate the health of the factory sector – Wells Fargo – by MSalordFX Manufacturing UnitedStates Banks
estimate and the preliminary September Durable Goods Orders. Analysts at Wells Fargo point out that considering a big picture from all the data and what it means for manufacturing is that recent apparent strength in the data may overstate the health of the factory sector.“After accounting for revisions, durable goods orders actually came in a bit better than expected. The September increase was 0.4% versus the 0.6% expected by consensus, but last month got revised from -0.2% to +0.
“The Federal Reserve raises rates aggressively and manufacturing ramps up? Our take is that this is more emblematic of new demand crumbling under higher“Nondefense capital goods shipments fell 0.6% in September, but that was on the heels of an upward revision that lifted August's gain to 3.1% from the 1.8% increase initially reported. This upward revision helped support the large gain in Q3 equipment spending growth.
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