Despite the longest winning streak for US macro data in US history, Durable Goods Orders collapsed in June. The 4% MoM plunge (vs -1.4% exp) is the biggest drop since Aug 2014. This represents a 6.6% YoY crash – the biggest drop since July 2015.
The drop appears driven by plunge in airplane orders (non-defense aircraft and parts).Which should not be surprise:
Airbus Group SE and Boeing Co. racked up their lowest tally of aircraft orders in six years at the aviation industry’s annual showcase, as a slowing global economy and concern about the impact of Britain’s decision to quit the European Union curbed demand.
Core Capex continues to slide…
Worse still, core durable goods orders extended their annual declines to 18 months straight – the longest non-recessionary streak of declines in US history.
“It’s probably nothing”
Charts: Bloomberg
via http://ift.tt/2a9bvzD Tyler Durden