Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones.

The surge in private aircraft orders that boosted last month's Durable Goods Orders reversed this month. The headline number for July data came in at -5.2% MoM, slowing by -480bps to +3.8% YoY. Within this report, Capital Goods (capital expenditures) dropped to a new cycle low of +0.86% YoY. This is significant because capital expenditure reflects companies' outlook and willingness to invest in the future, which is currently rather uninspiring.

CHART OF THE DAY: Capital Goods Dropped to New Cycle Low - durable