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As the avalanche of data comes to an end for today, following factory orders, durable goods final data for March paints an ugly picture of the US manufacturing economy. Not only did Core Durable Goods Orders drop 1.4% YoY – the most since Dec 2015 – but the overall level fell to its lowest since Dec 2013.
The 14th straight month of YoY declines has not occurred absent an overall US economic recession, and this is the first 27-month decline since Lehman…
Charts: Bloomberg
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