Skip to comments.U.S. durable goods post largest drop in nearly a year
Posted on 08/26/2013 6:06:47 AM PDT by John W
(Reuters) - Orders for long-lasting U.S. manufactured goods recorded their biggest drop in nearly a year in July and a gauge of planned business spending on capital goods tumbled, casting a shadow over the economy early in the third quarter.
The Commerce Department said on Monday durable goods orders dropped 7.3 percent as demand for goods ranging from aircraft to computers and defense equipment fell. That was the biggest decline since last August and snapped three consecutive months of gains
Orders for these goods, which range from toasters to aircraft, had increased 3.9 percent in June.
Economists polled by Reuters had expected durable goods orders to fall 4.0 percent.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell 3.3 percent, breaking four straight months of gains. It was the biggest fall since February.
(Excerpt) Read more at reuters.com ...
And now the DJIA is up a very small amount because this news eases their concerns of Fed tapering. Bizarro World.
All these financial numbers are cooked. The only reason they are putting out some bad numbers is to lower surging bond yields. They know that the party is over if treasury bond yields keep going up.
But, but everyone is getting those new 29 hour per week jobs. They should be buying all kinds of stuff.