This is the second time I have asked this question in recent weeks:
Factory orders in surprise decline (CNN Money) http://money.cnn.com/2008/03/26/news/economy/durable_goods/index.htm?postversion=2008032609
Durable-Goods Orders Decline (WSJ)
for expensive goods fell 1.7% in February, an unexpected decline, while
a barometer of capital spending by businesses tumbled 2.6%, a second
straight drop. 8:34 a.m.
Durable Goods Orders in U.S. Unexpectedly Decline as Machinery Plummets (Bloomberg)
Orders for U.S. durable goods
unexpectedly fell in February, led by the biggest slump ever in
demand for machinery that indicates companies are becoming more
reluctant to invest as the economy heads into a recession.
Durable goods orders slip unexpectedly
New orders for long-lasting U.S.-made manufactured goods unexpectedly
fell 1.7 percent during February and a key gauge of companies’ appetite
for investment also shrank, according to data on Wednesday that will
reinforce concern the economy has chilled.
Really, WhoTF is surprised by weak economic data — other than clueless cheerleaders? And why do headline writers keep using that phrase . . . ?
Who Are These People Surprised by Economic Data? http://bigpicture.typepad.com/comments/2008/02/who-are-these-p.html
A few other data points to note when considering the monthly changes (our earlier NAR Spin discussion): > 1) February 2009 was a leap year — the month had an extra day, and without that I sincerely doubt we would have seen any gain (I wonder how they adjusted for that). > 2) The Composite…Read More
One of themes we’ve looked at over the years is the spin that some trade groups put out on top of their data releases. Some Trade Associations, like the ATA tonnage index, or the Home Builders Index, simply put out the straight dope — an unvarnished, unblinking look at their industries, so their members can…Read More