The initial data on GDP was encouraging — down "only" 0.5%, much better than the consensus of -1.1%. Ex-transportation, bookings for goods meant to last several
years rose 2.5%. But overall, new orders for durable goods fell 3.4% from April 2007.
The March durable goods order was revised down from +0.1% increase to a decreased of -0.3%.
Really? Let’s have a look at the chart:
chart via Jake
chart courtesy of Barron’s Econoday