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Despite the last six months being revised lower, growth in durable goods production continued to accelerate.

That it did would fit with the trend in the backlog index from the Gardner Business Index.

Dollar orders have grown faster than unit orders for three straight months, pushing the average price of a machine to its highest level since January 2015.

But, the rate of growth has started to slow in recent months.

The money supply shifted from a positive to a negative indicator this month, but this change typically takes 18 to 24 months to affect capital equipment consumption.