Editor's Note: Below is a brief excerpt and chart from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more.
"... Core Capital Goods Orders (i.e. business capex), meanwhile, declined -4.3% MoM and accelerated to -7.5% YoY – marking an 11th consecutive month of negative year-over-year growth and the worst growth print since November 2009.
But bad is good because 11 straight months of negative growth now = easy comps …. Right?"