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Durable Goods Orders Plunge In July After Boeing Hangover

Courtesy of ZeroHedge. View original post here.

July Durable Goods Orders plunged 6.8% MoM (much worse than the -6.0% expectation), more than erasing June's aircraft-order-based 6.4% jump. This is the biggest drop since Boeing's reaction in Aug 2014.

Just as we saw in 2014, this is simply the hangover from Boeing's June orders with non-defense aircraft new orders  down 70.7% month-over-month.

On the bright side, non-defense capital goods orders ex-aircraft rose 0.4% in July after no change the prior month, beating expectations of a 0.3% rise) and also ex-transports beat (rising 0.5% versus expectations of a 0.4% gain).

However, let's not get away from the fact that durable goods orders just tumbled to their weakest since February 2017…

So we are in a worse spot that before the Boeing order?!


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