After two months of declines, Durable Goods Orders were expected to rebound handsomely in June… they didn’t.
Against expectations of a 3.0% MoM surge in Durable Goods Orders, the Census Bureau reported a meager +1.0% increase…
This is the biggest miss since Oct 2017
However, thanks to the military-industrial complex – which saw defense spending rise 20.2% MoM – the number remained positive…
This is the 3rd month in a row of massive monthly increases in military spending.
Remember, war is a racket.
The silver lining in the report is that shipments of those goods, used to calculate gross domestic product, rose 1% (beating the expectations of a 0.4% rise) after a 0.2% increase…
This is the best monthly gain since Sept 2017.
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