The headline US durable goods new orders print for preliminary June data was a disaster - plunging 6.6% MoM (vs expectations of 0.3% MoM rise!). That dragged goods orders down

However, through the rose-colored glasses of everything's still awesome, core durable goods orders surprised to the upside (+0.5% MoM vs +0.1% exp, rebounding from May's 0.1% MoM decline)...

While war spending rose, non-defense spending is plunging...

Doesn't seem like it's supporting the big AI Capex boom narrative too much?

...biggest MoM drop in non-defense spending since COVID lockdowns...
{ai:summary}<p>June’s durable goods orders were a sobering plunge, dropping 6.6% month-over-month against the rosy expectation of growth. Despite core orders surprising with a 0.5% rise, the undercurrent of war spending wasn’t lifting all boats—non-defense spending was slipping fast.</p><p>The AI capital expenditure boom narrative? It’s looking shaky amidst these mixed signals. The economy’s a fragile thing, and the numbers are telling a story of uncertainty. #economy</p>

US Durable Goods Orders Plunged In June As Non-Defense-Spending Crashed

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