If I had to choose one economic indicator that worries me the most, today, in the context of the business cycle, I’d probably choose the sharp decline in new orders tied to business investment—non-military capital goods excluding aircraft, as reported by the Census Bureau each month. Economists generally look to this series as a valuable clue for future economic activity. If so, the data is worrisome, given the recent weakness in demand for capital goods. But is spending on capital goods really a reliable indicator for estimating the business cycle?