Durable orders fell 0.8% M/M in September, following a 0.1% M/M decline in August. The outcome was slightly above the consensus estimate for a 1% M/M decline. Transportation was the main culprit for the decline. Excluding the volatile transportation sector, orders were up a robust 1.7% M/M, largely exceeding an expectation for a 0.4% M/M increase. The September outcome was revised down though to an 0.4% decline following a earlier reported 0.1% M/M decrease. Also other details, like order backlogs and capital goods orders and shipments (for Q3) were positive too. The durable orders report is of course volatile, which means cautiousness in the interpretation is appropriate, but it is encouraging and lessens the fears for a recession.