At first glance the 4.2% m/m surge in July's durable goods orders looks very impressive, but nothing could be further from the truth. This is a very weak report. The slump in core capital goods orders points to a marked weakening in business investment, which will only strengthen the Fed's resolve to act soon.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.