- Highest since Jan 2010
- Prior reading was -13.2% (revised to -13.1%)
- Non-defense ex-air 0.0% vs +0.7%
- Prior non-defense ex-air revised down to +0.2% from +1.1%
- Ex-transportation +2.0% vs +0.9% exp
Non-defense capital goods orders excluding aircraft are the best proxy for business investment and they were weak with a downward revision.
Don’t let anyone fool you, business investment is at near-crisis levels (from BBG):
Orders for non-defense capital goods excluding aircraft dropped at a 23.5 percent annual rate in the third quarter after falling at a 5.9 percent pace in the three months ended June, today’s Commerce Department report showed.
