After nearly nine months of weakness, presumably triggered by the dollar's surge and the slump in the mining sector, equipment investment appears to be finally recovering. Headline durable goods orders rose by 2.0% m/m in July, following an upwardly revised 4.1% m/m gain in June. This was much stronger than the consensus forecast of a 0.4% m/m decline, but only slightly above our own forecast of a 1.3% m/m gain.
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