Horrible durable goods number…Analysts had expected growth of 0.3%. Instead we got a decline of 2.1%.
In the previous month we sow GROWTH of 1.9%, so this is a huge turnaround.
Ex-transport, growth was just 0.1% vs. expectations of 0.5% growth.
This all sets up ominously for this Friday’s advance look at Q2 GDP.
Futures are lower in the pre-market.