by Wolf Richter
Without any real end in sight. That’s what’s different this time.
On the surface, it was the kind of report that has been dogging the US economy for a while.
Orders to US factories for durable goods dropped “unexpectedly” – as the media put it – by 2.2% in May from the prior month, on a seasonally adjusted basis, according to the Commerce Department. “Unexpectedly,” it seems because orders had risen 3.3% in April and 2.0% in March, and the trend henceforth would be upward. But instead, it was a broad-based decline, with some real doozies.