The Census Bureau announced in its durable goods report this morning that new orders took a nosedive in August. Declining $30.1 billion, new orders in August were a seasonally-adjusted $198.5 billion. They have not been this low since February of 2011.
This 13.2% month over month drop is the largest since January of 2009, and brings the year over year gains in new orders down to only 5.5%. The decline in this trendline is frightening.