After collapsing in October, Durable Goods New Orders were expected to rebound modestly in November and it did - but disappointed, rising just 0.8% MoM (vs +1.6% exp).
However, under the hood, everything missed expectations and tumbled.
Core (ex Transports) Durable Goods dropped 0.3% MoM
Capital Goods Orders Non-Defense, Ex-Air (Capital Spending Proxy) dropped 0.6% MoM
and Shipments dropped 0.1% MoM
This is the 3rd monthly drop in capex of the last 4 months...
This is the worst 4-month drop since January and there seems to be a limit to what the economy will bear...