US Durable Goods Orders post 0.0% in August, GDP confirmed at 3%

• Durable Goods Orders in the US stayed pat in August, beating expectations.
• The US confirmed that the economy grew at an annualized pace of 3% in Q2.
• The US Dollar Index gains upward momentum with the news, approaching 101.00.

“New orders for manufactured durable goods in August, up six of the last seven months, increased $0.1 billion or virtually unchanged to $289.7 billion,” the US Census Bureau reported.

“This followed a 9.9 per cent July increase. Excluding transportation, new orders increased by 0.5 per cent. Excluding defense, new orders decreased 0.2 percent. Electrical equipment, appliances, and components, up two of the last three months, drove the increase, $0.3 billion or 1.9 per cent to $14.4 billion.”

At the same time, Real Gross Domestic Product (GDP) increased at an annual rate of 3.0 per cent in the second quarter of 2024, as previously estimated, according to the US Bureau of Economic Analysis (BEA).

Market reaction

The US Dollar Index jumped with the positive news and hovers around 100.80 ahead of the American opening.