Forget Capital Goods Setback, Watch the Revision
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An unexpected drop in July orders for business equipment was a lone blemish in today’s U.S. durable goods report. A hearty upward revision to June, coupled with traction in sales of those goods, made it easy to overlook.
Orders for non-military capital goods excluding aircraft fell 0.5 percent in July, according to the Commerce Department. The median projection in a Bloomberg survey of economists called for a 0.2 percent rise.