More Bad News: Factory Orders And Pending Homes Sales Both Miss Big, Durable Goods Revised Lower
Pending home sales came in at -2.6%, on hope and faith of even a modest rebound to the tune of 3.9%. This of course came after last month's plummeting (and revised) -29.9%. Factory orders also dropped to -1.2%, versus expectation of -0.5%, after the prior -1.4% reading. Lastly, the trifecta of ongoing bad news was completed as the June durable goods number was revised from -1.0% to -1.2%. And that giant slurping noise you hear in the background is the printers at the Marriner Eccles building loading up with ink.