U.S. September Durable Goods Orders First Take

In September, U.S. durable goods orders increased by 0.5% month-on-month, in line with expectations, with the previous value revised from 2.9% to 3.0%. The data shows that under the environment of high interest rates and high tariffs, the momentum for bulk orders is weakening. However, from the core data perspective, U.S. manufacturing demand shows greater resilience. In September, U.S. non-defense capital durable goods orders excluding aircraft increased by 0.9% month-on-month, higher than the expected 0.3%. The data indicates that new orders for key capital goods in the U.S. surged in September, while shipments of such goods also achieved steady growth, reinforcing economists' expectations for accelerated economic growth in the third quarter