With Manufacturing and Services PMIs and ISMs, stock markets, and sentiment data soaring post-Trump, one would imagine that 'everything is awesome' in American business... but the 'soft' survey data appears to be wrong as 'hard' data on durable goods new orders is tumbling.
With analysts' expectations of a 2.5% surge in new orders in December, the preliminary print of -0.4% is a disaster and comes after a downwardly revised November. This pushed the YoY shift to -0.8% - the worst since July.
It appears 'hard' truths are not as appealing as 'soft' hope.
Of course all that really matters is where The Dow is...