US Factory Orders Tumble In July As War-Spending Slumps
Despite all the exuberance at survey-based data and record-er highs in US stocks, US Factory Orders tumbled in July (down 0.8% MoM - it's biggest drop since January).
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The driver of the slump was a plunge in defense aircraft and parts spending...
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Welcome to the American Military-Industrial economy!
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Sadly people in Washington don't understand, a good portion of foreign aid goes right back to the US in military spending and Europe etc. spend money on US defense products. Our actions to alienate our allies is making them develop and buy their own military equipment which is adverse to our defense industries and economy. Eventually they will compete in this field making the situation worse for the US. The long term consequences of these actions will be felt for decades.