While headline durable goods orders showed a 2.9% MoM surge, but away from aircraft orders and war-spending, capital goods orders dropped 0.3% MoM in December - the most in 12 months.
But this surge was all thanks to aircraft and war-spending:
- Bookings for commercial aircraft climbed 15.9% MoM
- Orders for Aircraft Engine and Enegine Parts rose 24.4% MoM
- Defense capital goods orders increased 19.5% MoM
- Defense aircraft and parts soared 55.3% MoM
So, at the core, orders tumbled most in a year...
In other words, we're gonna need more war to get that GDP up over 3.0%...