Durable goods orders for July come in looking a lot like the June numbers, with surprising strength built on aircraft.
The headline number is +4.2%, when the consensus expectation was closer to 2%.
But, strip out the transports component and you get -0.4%, vs an expectation of +0.4%.
I look forward to Sheraz and John breaking down more of the internals here and interpreting this continuation of what appears to be weaker fundamental trends.
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