Skip to comments.Durable Goods Orders (Ex-airplanes) Fall 3.4%, Bernanke Tells Issa About A Possible Hail Mary Pass
Posted on 08/24/2012 9:21:18 AM PDT by whitedog57
Demand for U.S. capital goods such as machinery and communications gear dropped in July by the most in eight months, indicating companies are pulling back on investment. Bookings for non-military capital equipment excluding airplanes slumped 3.4 percent, a Commerce Department report showed today in Washington.
Durable goods orders actually rose 4.2%, but that includes airplane sales. Qantas just cancelled a HUGE order from Boeing for 35 787 Dreamliners. This should result in a big DECREASE in the next month, so I am focusing on Capital Goods New Orders Nondefense Ex Aircraft & Parts MoM.
US Flash PMI came out earlier in the week and displayed a distressing trend.
And if we hit the Fiscal Cliff (aka,Taxmageddon), we will see a worsening of employment and durable goods orders.
Federal Reserve Chairman Ben S. Bernanke said the central bank has the ability to take additional steps to boost the economy. There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery, Bernanke said in a letter dated Aug. 22 to California Republican Darrell Issa, the chairman of the House Oversight and Government Reform Committee.
M2 Money Velocity is at its lowest level since WWII.
And the Employment to population rate is stuck at Carter recession levels. Now, how will Bernanke pull off this Hail Mary! pass?
Speaking of Hail Mary passes, Obama has asked the EU to keep Greece until after the election.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
It's like asking a doctor to not give grandma a fatal diagnosis until after Christmas so you can have one last happy holiday together.
Remember Obama telling the GOP to hand him the cars to drive the car out of the ditch, the GOP to sit in the back, to mop up after GWB?
Obama’s legacy will be reduced to how the American voting public in 2008 was so bamboozled by a politican that NEVER achieved anything of ANY importance by ANY standard other than being a left-wing community agitator.
Can’t wait for the Obama Memoirs...
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