Durable Goods Orders Tumble In January

Durable goods orders slumped unexpectedly in January - dropping 3.7% MoM (vs a 2.0% expected decline), and worse still, December's bounce was revised lower as the 'uneven-ness' of the so-called recovery rears its ugly head once again.

The uglier picture here is that January's plunge is not a reflection of a one-off December surge (in aircraft or defense orders) as we have seen previously.

Core durable goods orders dropped for the first time in 7 months...

Non-Defense new orders also declined MoM.