Here Come Durable Goods...

Expectations are for orders in July to show an increase of 8%, according to data from Bloomberg.

There is, however, a massive range of expectations for this report, as aircraft orders in July surged, potentially pushing the headline increase in durable goods orders as high as 30%.

Ian Shepherdson at Pantheon Macroeconomics notes that the consensus for ex-transportation orders is a more modest 0.5% increase. Shepherdson adds that, "As always, we are more interested in the core capex component" of the durable goods report.

In June, durable goods orders rose 0.7%, topping expectations for 0.5%.

We'll be back with the live numbers when they hit.