- Core Durable Goods Tumble For 13th Month, Longest Non-Recessionary Stretch In 70 Years
by Tyler Durden, www.zerohedge.com
Durable Goods New Orders (Ex-Transports) or so-called “Core” durable goods dropped 0.5% YoY, extending itslosing streak to 13 months. This is the longest streak in the history of the series with no recession. All segments of the durable goods report saw negative MoM moves with headline down 2.8% (small beat) but preior data was revised dramatically lower, Capital goods orders were drastically revised lower but still fell more than expected (-1.8% MoM) and finally shipments ex-aircraft dropped 1.1% MoM (missing the expedcted rise of 0.3% notable) with significant downward revisions once again.
* Durable goods new orders down -2.8%, exp. -3.0%;prior revised down to 4.2% for Jan. from 4.7%
* New orders ex-trans. down 1%, Exp. -0.3%; prior revised to 1.2% from 1.7%
* Capital goods orders ex-aircraft down 1.8%, Exp. -0.5%, prior revised to 3.1% from 3.4%
* Capital goods shipments ex-aircraft down 1.1%, Exp. +0.3%, prior revised to -1.3% from -0.4%
And just like that, all the exuberant “bounce” hope has been eviscerated thanks to a broadly disappointing report, and steep downward revisions of last month’s euphoric data. As we can’t tired of showing, this has never happened outside of a recession…