Durable Goods Orders Crash Most In 2 Years - Longest Non-Recessionary Streak Of Declines In US History

Despite the longest winning streak for US macro data in US history, Durable Goods Orders collapsed in June. The 4% MoM plunge (vs -1.4% exp) is the biggest drop since Aug 2014. This represents a 6.6% YoY crash - the biggest drop since July 2015.

The drop appears driven by  plunge in airplane orders (non-defense aircraft and parts). Which should not be surprise:

Airbus Group SE and Boeing Co. racked up their lowest tally of aircraft orders in six years at the aviation industry’s annual showcase, as a slowing global economy and concern about the impact of Britain’s decision to quit the European Union curbed demand.

Core Capex continues to slide...

 

Does this look like a "non-doom-and-gloom" economy?

 

Worse still, core durable goods orders extended their annual declines to 18 months straight - the longest non-recessionary streak of declines in US history.

 

"It's probably nothing"

Charts: Bloomberg

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