For the 21st straight month, Core Durable Goods Orders contracted YoY – the longest in US history outside of a recession. Business spending proxy segment of the report, New Orders non-defense, ex-aircraft plunged 1.2% MoM (much worse than the -0.1% expectation) and down 3.6% YoY.
This remains the longest non-recessionary contraction in durable goods orders in US history…
And the proxy for Business Spending plunged 1.2% MoM (and 3.6% YoY)…
This is the worst MoM drop for business spending in September since 2008.
But apart from that, the economy is doing great.
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