• Prior was +0.3%
  • Durable goods orders +0.8% vs +0.7% prelim
  • Durable goods orders non-defense ex-air +0.6% vs +0.5% prelim
  • Durables ex transport +0.7% vs +0.7% prelim
  • Factory orders ex-transport +1.7% vs +0.3% prior (revised to +0.6%)

This is a nice beat but more-recent numbers on June orders suggest a slowdown. Still, most factories have plenty of work to last through year end. Next year is looking much softer though and I think that’s more of a worry than a technical recession in H1 2022.