It was just 2 months ago when the one-off Boeing order-related idiocy distorted the entire time series and was thus extrapolated into escape velocity dreams by prognosticators everywhere. Excused by the cognoscenti as a “volatile time series,” Durable Goods new orders dropped 1.3% MoM, missing expectations by the most since Dec 2013 and negative for the 2nd month in a row. Lats month’s drop was revised lower also. Even more concerning is the 1.7% drop MoM in Core Capex, the biggest miss in over a year and biggest drop since January. Did it snow in September?
Durable Goods prints 2nd miss and 2nd drop in a row
And Core Capex – Capital goods new orders ex defense ex-aircraft – dropped most since January
Headlines:
- Durable goods new orders fell 18.3% in Aug., the Census Bureau said
- New orders ex-trans. fell 0.2% in Sept. after 0.7% rise
- New orders ex-defense fell 1.5% in Sept. after 19.1% fall
- Non-defense capital goods orders ex-aircraft fell 1.7% in Sept.
- Non-defense capital goods ex-air 3 mo. avg. annualized rose 10.4%
- Non-defense capital goods shipments ex-aircraft fell 0.2% in Sept. after 0.1% rise
Charts: Bloomberg
via Zero Hedge http://ift.tt/1oUXyuC Tyler Durden