Downer Durables

After peaking at $70.7 billion in 9/14, new orders for non-defense capital goods excluding aircraft (core capital goods), have been steadily falling and were just $62.3 billion in 6/16. They are down 3.7% Y-o-Y; 3.8% YTD. New orders for all durable goods (a broader measure), fell 4% in 6/16, the biggest decline since 8/14. Businesses continue scaling back investment amid falling profits, weaker exports and fewer sales to energy producers.