More 'Hard' Data Disappointment: Core Durable Goods Order Growth Slows, Capital Goods Decline

Core Durable Goods Orders have risen YoY for 3 straight months (after 21 months of decline) but February saw growth slow dramatically (from 4.0% to 2.5%) as the 0.4% MoM gain missed expectations.

Note the peak growth in each of the cycles since the financial crisis has been slowing (red line).

Even more concerning is Capital Goods New Orders (non-defense, ex-aircraft) declined 0.1% MoM - the first drop since September.

 

Another disappointing 'hard' data print...