The 5.1% m/m decline in durable goods was due primarily to a sharp decline in the notoriously volatile aircraft component. Nevertheless, the details suggest that equipment investment shrank in the fourth quarter. As such, the risks to our estimate that fourth-quarter GDP growth was 1.0% annualised are now tilted firmly to the downside.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.