U.S. non-defense capital goods orders have fallen for the fourth month, by -0.5% in March (vs. a consensus estimated of +0.3). Overall durable goods orders came in big at +4% (vs. 0.6% survey) due to aircraft orders, but ex-transportation, US durable goods orders were at -0.2% for March (vs. consensus of 0.3%).

Year-on-year, it’s an ugly picture.

American forecasters consistently underestimated how devastating the oil price drop would be for US CapEx.

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