Karim writes:

  • Weak number but has to be put into context of prior strength and m/m volatility
  • Orders less aircraft and defense (proxy for future private sector capex) down 8%; prior 2mths were up 3.6% and 4.7%
  • Weakness led by machinery orders; down 15% after up 15.4% prior 2mths
  • Shipments ex-aircraft and defense (proxy for current qtr capex) down 1.5% after 5 straight gains

Yes and upward revision for prior month as well

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