Orders for durable goods jumped in +3.8% in November - the largest amount in four months. But don't get too excited... the increase was due in large part to a big jump in airplane orders.
When you strip out defense and aircraft orders, core capital goods actually declined -1.2% last month, marking the second straight drop. Core capital goods are items that are not expected to wear out quickly and are seen as a proxy for business investment spending.
This report was disappointing given that an improving U.S. economy was seen as the one bright spot as we head into 2012, amid concerns of a recession in Europe and a slowdown in China. This report pours a little cold water on those hopes.
