Despite exuberance in soft "survey" data post-Trump, as hope for change re-appears, "hard" data continues to disappoint with Industrial production weakness and now durable goods orders tumbling 4.6% MoM (slightly better than expected -4.8%) - the biggest drop since Aug 2014.
Aside from the reactive drop in 2014 after the big Boeing order, this is the biggest MoM drop since summer 2013...
Durable Goods New Orders decline YoY once again (-0.5%) as ex-defense orders crashed 6.6% MoM (-2% YoY).
Which do you trust - the hard data or the soft?
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