Durable goods look improved on a seasonally adjusted month over month basis, but not nearly as solid in year over year terms.
As one can clearly see below, growth (over rolling 12 month time frames) of both New Orders and Inventory hasn't flowed through to Shipments or New Orders.
Source: Census - Descriptions
Wednesday, August 27, 2008
Durable Goods - July
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Very nicely done. As usual. Despite the market being up of course (actually that was Financials and those were FNM/FRE).
ReplyDeleteHave you considered that the increase in machinery orders might be largely driven by oil equipment ? And as the largest component increase that would make the numbers look even worse.