Durable Goods Orders in Sept - Green Shoots ?

The US Census bureau released its latest Durable Goods survey a few hours ago.  It shows significant improvement over July.  

Note, this is the advance report which is subject to even more revision, manipulation,  and distortion than the preliminary report. Eventually, there will be a final report, but hardly anyone will look at it. Owners should therefore not make any hard conclusions about the data, just yet. 

Here is a snippet from the data. 

What should leap out from the numbers is the $9 Billion increase in not seasonally adjusted & non-defense orders. Fully 1/2 of this growth is in Machinery orders.  Volume is still below the peak. The Book-to-Bill ratio is still negative (or under 1.0) which suggest shrinking revenue for the next couple of quarters......but it appears a certain stability has crept upon us. 

Gudovac can not say if we can collectively open up the champagne - but perhaps we can start chilling a few cases.

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