US durable goods orders for December are shockingly ugly

Durable goods orders have fallen off a cliff in December.

Down 4.3 per cent in a single month, consensus estimates suggested that orders would rise by 1.8 per cent in that period.

Michael Hewson, chief narket analyst at CMC Markets, has suggested that the ugly numbers could be a result of the harsh weather conditions seen in December.

November saw orders up by 2.6 per cent (revised down from 3.4 per cent).

Excluding transportation orders fell by 1.6 per cent in December, down from 0.1 per cent growth in the month before.

Thankfully, we should see a rebound in January.