The number: Pretty ugly across the board:
-3.6% on the headline.
And even excluding transportation, the decline was 1.5%.
And then excluding non-defence aircraft, the decline was 2.6%, which was worse than the 2.1% expectations.
More confirmation that the economy is not in a good patch right now.
You can download the full report here.
Background: It’s always a lumpy number, but analysts are looking for -2.5% and +0.5% ex transportation.