Durable sales, excluding aircraft, drop 2.5%? The bean counters are sneaking Q1 back into blue bar territory with downward revisions. I though we escaped Q1, but bad news keep sneaking in.
Reuters: New orders for U.S. factory goods fell in February and business spending on capital goods was much weaker than initially thought, the latest indications that economic growth slowed further in the first quarter.
The Commerce Department said on Monday new orders for manufactured goods declined 1.7 percent as demand fell broadly, reversing January's downwardly revised 1.2 percent increase. Orders have declined in 14 of the last 19 months. They were previously reported to have increased 1.6 percent in January.
The department also said orders for non-defense capital goods excluding aircraft fell by a steeper 2.5 percent in February instead of the 1.8 percent drop reported last month. These so-called core capital goods are seen as a measure of business confidence and spending plans.
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