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This is a little bit confusing.  Durable goods orders were up in July, but it turns out it was mostly because Boeing had a good month:

As encouraging as the report appeared at first glance, it also suggested businesses were still cutting back. Orders for non-defense capital goods excluding aircraft, a barometer of business investment, fell 0.3 percent in July after rising 3.6 percent in June. New orders for computers and related products fell 2.8 percent after rising 0.5 percent in June.

The report today is likely to bolster the view, shared by a growing number of economists, that the recession is winding down or has already ended. It was further proof the manufacturing sector has begun to stabilize as businesses start to restock. Businesses had been slashing inventories for months as they tried to catch up with falling demand.

Aside from commercial jets, orders for durable goods fell 0.3% after rising in June, which “suggested businesses were still cutting back.”  But three sentences later this bolsters the view that the recession is winding down.  What am I missing?

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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