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