Final auto sales missed big Friday coming in at 16.7 million units annualized in June. In fact, the sales chart is increasingly looking like the peak occurred as 2015 came to a close. On a related note Factory Orders fell 1% in May on weakness in capital goods spending. New orders for core capital goods aka business spending fell 0.4% following a 0.9% drop in April while shipments fell 0.5% to nearly reverse April’s gain. Additionally, this represents the 19th consecutive year over year decline in factory orders, something that just doesn’t occur outside of recession.
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