Durable goods orders for the month of April fell 3.6%, the steepest decline since October 2010. Reviewing the analysis the main culprits were a decline in aircraft orders, auto sales, and a supply disruption resulting from the earthquake in Japan. Durable goods orders are a key indicator of investment in equipment in the quarterly GDP reports.
The weak economic data has had little effect on the markets this morning with stocks slightly higher and bonds trending lower. Later today the U.S. Treaury will auction $35 billion of 5 year notes, even though the U.S. has technically reached its debt ceiling.
Mortgage pricing has improved from Tuesday by .125% to .25%.
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