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October capital goods orders were weaker than expected, but that is in line with the seasonal vagaries of this index (the first month of every calendar quarter has a strong tendency to be weak). A 3-mo. moving average solves this problem, but that measure was flat in October. Does this mean that capex is rolling over? Hardly. On a year over year basis, capex is still up 9.2%.
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Corporate profits are at records highs and the CAPEX is rising nicely---business loves Obama, if you read the numbers.
The economy is suffering from a lack of demand. The Fed is suffocating the US economy, in a bewildering, antique fixation that it needs to "fight inflation."
Spain built large warships even after the Brits sank them many times with lighter, faster warships.
Public agencies, including the Fed, are not eliminated if they dpi a bad job.
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