If it wasn't for America's war machine, the economy would be deep in recession. Defense spending (aircraft and parts) soared 148% in the last 3 months - biggest such rise since 2007 managing to squeeze Durable Goods Orders overall to unchanged in Nov (vs -0.6% exp). That's the good news. Everywhere else you look... terrible. Core Capex fell 1.93% YoY - the 10th consecutive YoY drop - something not seen before outside of recession.
Defense Spending New Orders has soared 148% in the last 3 months... the biggest rise since 2007
The spike in defense spending dragged YoY Durable Goods Orders into the green
But in the core... we are flashing recession...
Charts: Bloomberg