Headline durable goods orders tumbled 0.7% MoM (the worst of the year), but beat expectations of a 1.5% drop. However, Core Durable Goods New Orders fell 0.4% (dramatically worse than the +0.4% expectation) for the worst performance since June 2016.

• Non-Defense ex-Aircraft new orders were unchanged in April (huge miss) – weakest in 2017
• Shipments Ex-Aircraft fell 0.1% in April (huge miss) – weakest in 2017

Worst still, Headline New Orders are unchanged year-over-year…

Q2 GDP is starting to get in trouble with Durable Goods piling on after inventories weakness yesterday.

We have one question – when does this revert?

Durable Goods Orders are unchanged since May 2013.. The Dow is up 5000 points since then.