June 25 (Bloomberg) -- Orders for U.S. durable goods remained unchanged in May as companies trimmed investment plans, signaling the economy may keep slowing.
Bookings for goods meant to last several years totaled $213.6 billion, the Commerce Department said today in Washington. April orders were revised to show a 1 percent drop that was larger than previously estimated. Excluding demand for transportation equipment, which tends to be volatile, orders declined 0.9 percent, the first drop in three months.
This is treated as a non-event. New home sales and oil inventories later this morning will set the course before the Feds. Watch bonds, they are giving you clues as to equity direction. Initial yield resistance on the ten year (TNX) is at 4.15%.
Cynic's corner: those of us watching the bear market rally unfold remember being suspicious at the durable goods number early last month. Of course, it's now revised down. But that's too late for those who believed in the "mild recession" theory.
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on Wednesday, June 25, 2008 at 6/25/2008 08:39:00 AM.
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