Posted on 03/25/2009 5:50:22 AM PDT by Wpin
WASHINGTON -- Durable goods orders unexpectedly climbed during February, but demand in the prior month was revised down deeply, an adjustment countering the idea of a rebound in the slumping manufacturing sector.
Manufacturers' orders for long-lasting goods increased by 3.4% last month to a seasonally adjusted $165.56 billion, the Commerce Department said Wednesday.
The 3.4% increase was a big surprise. Wall Street expected a decline of 2.0% for February. It was the largest increase since 4.1% in December 2007.
But durables, which are goods designed to last at least three years, plunged 7.3% in January, revised way down from a previously estimated 4.5% decrease.
Year over year, February durables were 28.4% lower, in unadjusted terms.
A key barometer of business equipment spending -- orders for non-defense capital goods excluding aircraft -- rose by 6.6%, after plunging a downwardly revised 11.3% in January. Originally, January demand was seen down 5.4%. Year over year, orders were down 23.8%. February shipments for non-defense capital goods excluding aircraft rose by 0.6%, after dropping 8.9% in January; the shipments are used in calculating gross domestic product, which is the barometer for economic growth in the U.S.
(Excerpt) Read more at online.wsj.com ...
You’re right. I think it was all the plasma screen tvs that TOTUS was ordering. All hail totus.
If the gubmint would just lay off, the recession would end naturally...but TOTUS and Congress keeps messin’.
Teleprompters, man. Thousands of ‘em.
}:-)4
http://www.banteleprompters.com/blog/what-is-teleprompter-parity.html
Teleprompter parity! Invest NOW! We could be rich!
I'm sure it's just a coincidence that January was the last partial month of the Bush Admin and February was the first full month of the Obama Admin. So now Obama looks better and Bush looks worse.
Someone’s going to have to prove to me that this uptick was govt related. They hadn’t even cut the checks from the stimulus package by then.
The numbers are inaccurate and always subject to revision.
Remember during the Clinton years, the catch phrase used by all the press was “Best economy ever”? I for see a similar situation where the press will be reporting the economy taking off when things will still be bad or worse.
It will be like Baghdad Bob is running the MSM (maybe he already is).
Perhaps manufacturers are automating to cut their workforce. With the prospect of more unionization via Card Check it makes sense. As an aside I recently bought a piece of new equipment for my company at a steep discount. The price was comparable to a piece of used equipment!
Correct. Uncertainty and meddling got us here and are keeping us here.
All economic activity is future looking and the Kenyan Marxist (is fascism his first step or last?) is not building confidence.
the reality of the Durable Good Orders is that this report is one of the most volatile reports that is given monthly and bond traders don’t put much faith in it, but stock ( day ) traders will trade on anything
>They hadn’t even cut the checks from the stimulus package by then
Credit.
Credit.
tax refunds
“Year over year, February durables were 28.4% lower, in unadjusted terms.”
That’s the REAL comparison - and its dismal.
Lot’s of signs the economy is stabilizing ... at a lower level than previously. Just like the stock market ... it is ‘surging’, back to levels well below the levels of January 1.
More Fantasy numbers.
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