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The Census Department Advance Report on Durable Goods sports some ugly numbers for May.

  1. New Orders: -0.6%
  2. Excluding Transportation: -0.3%
  3. Excluding Defense: -1.5%
  4. Motor Vehicles and Parts: -4.2%
  5. Defense Aircraft and Parts: +21.1%
  6. Nondefense Capital Goods: -2.0%
  7. Nondefense Capital Goods Excluding Aircraft: -0.2%
  8. Defense Capital Goods: +15.1%

Those are some of the worst numbers I have seen in a long time. Defense orders masked an extremely weak report.

Shipments, a direct GDP feed, were down 0.1% in May and flat in April.

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Mike "Mish" Shedlock