The initial data on GDP was encouraging — down "only" 0.5%, much better than the consensus of -1.1%. Ex-transportation, bookings for goods meant to last several
years rose 2.5%. But overall, new orders for durable goods fell 3.4% from April 2007.
The March durable goods order was revised down from +0.1% increase to a decreased of -0.3%.
Really? Let’s have a look at the chart:
chart via Jake
chart courtesy of Barron’s Econoday
The Financial Times had a three part (15 minutes) video interview with NYU Professor Nouriel Roubini last week. You can find this interview on the FT Video site or via YouTube below.
Roubini discusses his outlook for the US economy, housing and mortgages; the prospects for policy action.
Nouriel is a cheerful as ever. But before you dismiss him, note that he has been very right on Housing, Credit and the Economy: