CHART OF THE DAY: Durable Goods Data Is Pre-Virus

03/06/20 07:40AM EST

Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

CHART OF THE DAY: Durable Goods Data Is Pre-Virus - 12.16.2019 economic data yet to come cartoon

Pre-virus, look at this Chart of The Day – this is Consumer Durable Goods Orders:

A) #Slowing at its fastest pace to -7.4% year-over-year growth … and
B) Confirming our #Quad4 nowcast for the US consumption economy in Q2 of 2020

Yes, we had that view pre-virus. All the virus does is pull the slow-down forward. Instead of repeating what some journo on CNBC said throughout the Q3 of 2019 #Quad4 slow-down (“the consumer is in great shape”), the consumer was in classic late cycle #slowing shape.

CHART OF THE DAY: Durable Goods Data Is Pre-Virus - Chart of the Day

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