New orders for durable goods rose 0.3% in July and,but excluding transportation equipment, the number showed the largest decline in 1-1/2 years, a decline of 3.8%
Since transportation orders are highly volatile, a one month spike is unlikely to support the underlying downward trend.
Bottom line: We are clearly seeing the second leg of the Great Recession, given the suffocating regulatory environment overlaying Fed money manipulations, economic stagnation could extend for an extended period of time after the initial drop.
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