Durable goods orders slumped unexpectedly in January – dropping 3.7% MoM (vs a 2.0% expected decline), and worse still, December’s bounce was revised lower as the ‘uneven-ness’ of the so-called recovery rears its ugly head once again.
The uglier picture here is that January’s plunge is not a reflection of a one-off December surge (in aircraft or defense orders) as we have seen previously.
Core durable goods orders dropped for the first time in 7 months…
Non-Defense new orders also declined MoM.
via Zero Hedge http://ift.tt/2Cnx1BW Tyler Durden