After dramatically upwardly revised data from last month (but following an even more dramatic downward revision to all historical data earlier in the month) – the highly noisy series of Durable Goods Orders printed -0.5% (from +5.1% in March, revised up from +4.0%). Capital Goods Orders (non-defense Ex-Air) beat expectations MoM (printing +1.0% vs 0.3%) and was revised remarkably up from the biggest drop since 2012 to a 1.5% rise in March.

Core Capital Goods Orders, however, remains negative YoY for the 4th months in a row. The last time this happened was either a recession, or the Fed unleashed QE3.

Durable goods ex-transports Y/Y: up sequentially, down Y/Y.

 

Core capex: the reason the USD is surging is because the core capex number printed up 1.0% compared to the 0.3% expected. And yet, on an annual basis we just printed yet another consecutive decline in April.

 

All this despite drastic revisions in historical data.

 


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