The Department of Commerce released the Durable Goods report this morning with the following cheery news -
New orders - DOWN 1% (SECOND MONTHLY DECLINE)
Shipments - DOWN .3% (FOLLOWS a DECLINE of .7%)
Unfilled orders - DOWN $.1 billion
Inventories - INCREASED .9% (Means durable goods makers are not selling their stuff)
Capital Goods - DOWN 1.6%
This must be a new definition of stimulus. In most understandings the numbers should be going in the opposite direction for these five indicators. Well at least there is not inflation(yet). I can't wait to see how Paul Krugman tries to spin these numbers. If all the dough we wasted was that good, even more will be better. Oh, one other bit of cheery news. Homeownership in the country was announced at the lowest level (66.9%) in the last 11 years.
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