Durable Goods Orders Fell 0.3% In July
Durable good orders fell 0.3% in July vs. +2.5% consensus and -1.0% decrease in June. Transportation taken out the figure was a decrease of whopping -3.8% vs. -0.6% fall in June.
This is game changing report, it was obvious that consumer demand was weakening and housing is cratering, now we have confirmation that investments are also falling. Big miss if we take the core figure (airplanes taken out).
Chart 1. U.S. Durable Goods Orders
Source: U.S. Census Bureau
Chart 2. U.S. Durable Goods Orders Ex. Transportation
Source: U.S. Census Bureau