Core Durable Goods Orders Extend Longest Non-Recessionary Streak In US History As Business Spending Plunges

For the 21st straight month, Core Durable Goods Orders contracted YoY - the longest in US history outside of a recession. Business spending proxy segment of the report, New Orders non-defense, ex-aircraft plunged 1.2% MoM (much worse than the -0.1% expectation) and down 3.6% YoY.

 

This remains the longest non-recessionary contraction in durable goods orders in US history...

 

And the proxy for Business Spending plunged 1.2% MoM (and 3.6% YoY)...

 

This is the worst MoM drop for business spending in September since 2008.

But apart from that, the economy is doing great.