After a big surprise jump in August, preliminary durable goods orders for September were expected to drop 1.5% MoM but surprised to the upside with a modest 0.8% rise. However, ex-transports, durable goods orders have stagnated for five months…
Headline looks ‘ok’…
But Ex-Transports it has gone nowhere…
With Capital Goods Orders non-defense, ex-aircraft down for the second month in a row giving us a hint of what is driving the headline –Defense Aircraft new orders surge 119% MoM…
to its highest since 2001…
All hail the military-industrial complex! So what happens if Congress pushes Trump to cut off the Saudis? Recession?
