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Capex update: moderate growth

New orders for capital goods fell slightly in June, but the more stable 3-mo. moving average rose 0.3% (this series is notorious for its monthly and quarterly volatility), and is up at a 9% annualized rate over the past six months. Nevertheless, there has been a slowdown in the past year, compared to the rapid growth of the first half of 2010, and this is consistent with a lot of other indicators of moderating activity, and with the slower reported growth of the first and (most likely) second quarters of this year. So there's not much new or helpful information in this series.

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