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Capex revised upwards (again)

September factory orders beat expectations (+0.3% vs. -0.2%), and along with that news came yet another upward revision to capital goods orders. This proxy for business investment has not only reached a new all-time high, it is up 9.5% in the past year and up at a 12.2% annualized rate in the past six months. The underlying fundamentals of the economy continue  to improve. If this keeps up, the problems in Europe sooner or later will fade in importance.

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