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Monday, August 26, 2013


Orders for U.S. Durable Goods Fell More Than Forecast: A Decrease of - 7.3 Percent -  

Sales of newly built homes declined 13.4 percent

"still not incredibly strong domestic demand conditions,”

Orders for U.S. durable goods fell more than forecast in July after three months of increases, indicating manufacturing will be slow to strengthen.
Bookings (DGNOCHNG) for goods meant to last at least three years decreased 7.3 percent, the most since August 2012, after a 3.9 percent gain in June, the Commerce Department said today in Washington.  The median forecast of economists surveyed by Bloomberg called for a 4 percent drop. Orders waned for aircraft and capital goods such as computers and electrical equipment.
Aug. 23 (Bloomberg) -- Neil Dutta, head U.S. economist at Renaissance Macro Research LLC, talks about U.S. home sales data released today. Sales of newly built homes declined 13.4 percent to a 394,000 annualized pace, the weakest since October, Commerce Department reported from Washington. Dutta speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "Market Makers." (Source: Bloomberg)

The report shows struggling overseas markets and the effects of federal government spending cuts are lingering and holding back manufacturing, which accounts for about 12 percent of the economy.
The figures reflect “a pretty soft global demand environment and still not incredibly strong domestic demand conditions,”   Sean Incremona, a senior economist at 4Cast Inc. in New York, said before the report. “I think we’ll probably continue to see this modest growth path through the end of the year with headwinds abating next year.” 

A decrease of 7.3 percent in durable goods bookings and 13.4 percent in new home sales is now described as "NOT INCREDIBLY STRONG." 

That's like describing the Jets' quarterback situation as "not incredibly strong."   





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