Group of Seven

Written by SK Ashby

(Cartoonist - Clay Bennett)

In other news, Representative Sean Duffy (R-WI) has announced that he's resigning from Congress effective next month.

You might remember Duffy as the Fiscally Responsible Guy who said he was struggling to get by on his $174,000 salary.

Meanwhile, Axios reported that Trump talked to his staff about using nuclear weapons to stop hurricanes.

Finally, better-than-expected economic data has been revised downward, again, and shipments of core capitals goods fell by the most in three years in July.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.4% last month, the government said, driven by strong demand for electrical equipment, appliances and components.

Data for June was revised down to show these so-called core capital goods orders advancing 0.9% instead of surging 1.5% as previously reported.

Economists polled by Reuters had forecast core capital goods orders would fall 0.1% in July. Core capital goods orders increased 1.5% on a year-on-year basis.

Shipments of core capital goods fell 0.7% last month, the biggest drop since October 2016. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement. Data for June was revised down to show core capital goods shipments were unchanged instead of rising 0.3% as previously reported.

Who wants to bet July's numbers will also be revised downward?