Results of the July durable goods orders report:

  • Core orders are capital goods orders non-defense excluding aircraft
  • Prior core orders revised to +1.3% from +0.7%
  • Overall orders -7.3% vs -4.0% expected
  • Prior overall orders revised to +3.9% from +4.2%
  • Ex-transportation -0.6% vs +0.5% exp
  • Core shipments -1.5% vs +0.3% exp

Core orders fell the most since August 2012. There were huge drops in computers, electronics and the like which is a barometer of business investment. Unfilled manufacturing orders also fell nearly 10%.

This is a ghastly print for the US dollar and will certainly raise new questions about the taper and the recovery.