US Durable Goods Orders Plunge In November, Biggest Drop Since COVID
Following a plunge in Leading Economic Indicators (offset by the unexpectedly strong revision to GDP), US Durable Goods Orders tumbled 2.1% MoM in preliminary November data (considerably worse than the 1.0% drop expected)....
That is the biggest MoM drop since the COVID lockdowns and slowest YoY growth since Feb 2021.
Non-defense aircraft & parts fell 36.4%, while defense aircraft & parts declined 8.6%.
Non-defense capital goods shipments ex-aircraft, which feed directly into GDP calculations, declined by 0.1%.
Rising economic uncertainty and rapid Fed rate hikes are revealed in softening capex intentions, which indicate that a soft patch likely lies ahead...
...and one wonders if this is the start of a trend in orders as ISM Manufacturing (sentiment) is collapsing?
Is this what Powell wants?