Report published September 2, 2026
Goldman Sachs: US Factory Orders Beat Expectations in July, Q3 GDP Tracking Unchanged at 2.7%
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- Not stated in source
Authors / editors: Jan Hatzius, David Mericle, Alec Phillips, Ronnie Walker, Elsie Peng, Pierfrancesco Mei, Jessica Rindels, Abhay Duggirala
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
US factory orders rose 0.9% MoM in July, coming in above median consensus expectations of +0.7%. Goldman Sachs maintained its Q3 GDP tracking estimate unchanged at +2.7% annualized.
Key Takeaways
- 1.US factory orders rose 0.9% MoM in July, topping consensus (+0.7%) and Goldman Sachs expectations (-0.2%).
- 2.Growth in core capital goods orders was revised down 0.2pp to flat, while shipments growth was revised down 0.2pp to +1.2%.
- 3.Goldman Sachs kept its US Q3 GDP tracking estimate unchanged at +2.7% qoq annualized.
Table of Contents
- KEY NUMBERS
- MAIN POINTS
- Disclosure Appendix
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Factory orders MoM | 0.9% | July factory orders vs. GS -0.2% and consensus +0.7% |
| Factory orders ex-transportation MoM | 0.6% | Slightly above consensus expectations |
| Q3 GDP tracking estimate (QoQ annualized) | 2.7% | Goldman Sachs tracking estimate |
| Core capital goods orders 6-month annualized growth | 17.8% | Driven by primary metals (+32.0%), machinery (+21.5%), and computers and electronic products (+19.1%) |
| Manufacturing inventory growth MoM | 0.4% | Revised up 0.1pp to 0.4% in July |
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Authors / Editors
Reported Data Context
- Factory orders MoM: 0.9 % (2026-07) · Source: Department of Commerce
- Factory orders ex-transportation MoM: 0.6 % (2026-07) · Source: Department of Commerce
- Q3 GDP tracking estimate (QoQ annualized): 2.7 % (Q3 2026) · Source: Goldman Sachs Global Investment Research
- Core capital goods orders 6-month annualized growth: 17.8 % (6-month annualized to July 2026) · Source: Department of Commerce
- Manufacturing inventory growth MoM: 0.4 % (2026-07) · Source: Department of Commerce
Themes
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