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Capex still strong

October capital goods orders were weaker than expected, but that is in line with the seasonal vagaries of this index (the first month of every calendar quarter has a strong tendency to be weak). A 3-mo. moving average solves this problem, but that measure was flat in October. Does this mean that capex is rolling over? Hardly. On a year over year basis, capex is still up 9.2%.

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