• Prior was +1.1%
• Ex-transport +0.3% vs +0.6% expected
• Prior ex-transport +0.4%
• Ex-defense +0.1% vs +1.3% prior
• Non-defense capital goods orders ex-air +1.6% vs +0.5% expected
• Prior +0.2%

The big data point this week was the S&P Global PMI that showed an accelerating US economy. The headline here is flat but the core orders matter much more of the underlying direction of the economy and that’s a great number that helps to back up the bullish view on the economy. The market reaction has been nil but this is another brick in the hawkish pyramid.