Capital Goods Shipments Tumble, 6th Miss In A Row

Despite proclamations that "the shadow of crisis has passed," November durable goods orders were weak, December durable goods orders were weaker, and while January's noisy headline Durable Goods Orders beat expectations (+2.8% vs +1.6% exp), ex-Transportation it missed  (printing +0.3% vs +0.5% exp.). A quick glance at YoY core capex and it is clear that the crisis has anything but passed. Capital Goods shipments fell a greater than expected 0.3% (against expectations of a 0.2% rise) for the sixth miss in a row and 3rd drop in the last 4 months.



Does this look like the crisis has passed?


And the rest of the data hardly seems like it is screaming record highs for stocks...


Ex-Transports rolling back over...


And Core Capex flat...


Perhaps - if the shadow of crisis has passed, then that means the crisis is coming next?


Charts: Bloomberg


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