After March's collapse (a record ex-one off outliers), April's durable goods orders weakness was expected to accelerate and it did, with preliminary data plunging 17.2% MoM (worse than the 16.6% decline in March).
This sent durable goods orders down 19.4% YoY - the worst since the financial crisis...
Closely watched core capital goods orders, which exclude aircraft and military hardware, dropped 5.8% in April after a 1.1% decrease a month earlier.
Shipments of those goods, a proxy for equipment investment in the government’s gross domestic product report, fell 5.4%...
While states have begun letting business reopen, manufacturing will likely be slow to recover as fewer people shop and businesses rein in capital spending projects. But, of course, this is all in the rear-view mirror, stocks tell you what happens next, right? V-shaped recovery any second!