It's The Economy Stupid: A Swing And A Miss

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
Durable Goods Orders	MAR	-3.0%	-5.7%	5.7%	4.3%
Durables Ex Transportation	MAR	0.5%	-1.4%	-0.5%	-1.7%
Cap Goods Orders Non Def Ex Air	MAR	0.3%	0.2%	-2.7%	-4.8%
Cap Goods Ship Non Def Ex Air	MAR	0.8%	0.3%	-1.9%	1.2%
MBA Mortgage Applications	APR 19		0.2%	4.8%

 

 

Batter, batter, batter, swing batter!  It’s a swing and a miss! 

 

Orders for U.S. Durable Goods Decline by Most Since August 2012

 

Seems as though Durable Goods are not so durable after all. I am not sure which was worse, the numbers that were reported or the economists that tried to estimate what the numbers were going to be.

 

Orders for U.S. durable goods fell in March by the most in seven months as demand slumped for commercial aircraft and business investment cooled.

 

Bookings for goods meant to last at least three years decreased 5.7 percent after a revised 4.3 percent gain the prior month that was smaller than previously estimated, the Commerce Department reported today in Washington. The median forecast of 78 economists surveyed by Bloomberg called for a 3 percent decline. Orders excluding transportation equipment, which is volatile month to month, unexpectedly fell for a second month.

 

Weakness in overseas markets and lower commodities prices have slowed demand for some companies such as Caterpillar Inc.,

showing manufacturing cooled as the first quarter drew to a close. At the same time, sustained motor vehicle sales and a

pickup in the housing market may help keep production from faltering.

 

Orders declined in March for metals, machinery and electrical equipment, today’s figures showed. Estimates for durable goods in the Bloomberg survey ranged from a drop of 6 percent to a 1 percent gain after a previously reported February gain of 5.6 percent.

 

Stock-index futures erased gains after the figures, with the contract on the Standard & Poor’s 500 Index expiring in June declining 0.1 percent to 1,572.7 at 8:37 a.m. in New York.