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Durable Goods Order Bounce Dead; Biggest Drop Since 2009
March's exulted bounce in Durable Goods faded rapidly into April's disappointing drop and today we see May disappoint further with a 1.8% drop (against expectations of a 0.1% drop) having missed 5 of the last 7 months. Revisions are big and negative... so that's not helping and has pushed Durable Goods Orders NSA down 5.0% YoY - the largest 10-month slump since Dec09... the last time we dropped this much, The Fed unleashed QE3. Durable Goods Ex Transports and Core Capex are also both down YoY for 4 months in a row, flashing recessionary red.
MoM - the bounce is dead...
Leaving YoY Durables Goods Orders weak
With the biggest 10-month slump since 2009...
With Core Durable Goods down YoY 4 months in a row...
Worse still Core Capex is down 4 months in a row also...
And the bottom line: durable Goods Inventories declined by the most since May 2013. Which means very bad news for Q2 GDP if indeed this flows through into the GDP calculation.
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Steve LIESman couldn't even spin it
Rarely do I watch that crap but I did this morning. Did you guys catch how he quickly pivoted from the GDP theme to the new face on the $20 Bill. Holy crap, talk about the propaganda and living in denial. As if the currency design is more important then the GDP.
Did you catch how quickly their ratings have been falling? If you were watching it this morning then you are one of maybe 200 people who did the same. And half of those "people" were airport terminal waiting area TV screens that were accidentally tuned to CNBC instead of CNN.
Hugging the flatline, as we have been for years now. But any minute now.... any minute.... we go straight up.
There's no such thing as recessions, let alone depressions, defaults, or anything else bad. Where have you all been?
And the reason for that is because this is an all out attempt at moving past the 2008 crash. They have to lie, steal, cheat, doesn't matter because if this shit falls again it will be over as we know it.
"Winning", for the bankers and financiers anyway...
tick tock motherfuckers...
pass the blow....
But............. they're still gonna raise interest rates, right? HaHaHaHaHaHaHa!!!!!!!!
"You can't taper a ponzi-scheme." - Max Keiser
Dollar still being pumped and bonds still being dumped, we get shitty durables and it's still only Tuesday am in the US?
Smells like a stinky trap to me...I would be very surprised if this action is not reversed going through the end of the week.
Low interest rates are an impediment to economic activity.
The consumer who borrows and spends quickly gets maxed out debt wise.
Fake rates and unwise Fed policy are the drag....but tell it to the elites....who "know" better.
I may just have to do that. Of course it would be to some Fed member that doesn't decide their policy.
Metals down....shipping very low...seems the world is buying less and less...and making less and less....
bullish for currency printers
"And the bottom line: durable Goods Inventories declined by the most since May 2013. Which means very bad news for Q2 GDP if indeed this flows through into the GDP calculation." Bad for GDP, but probably good for another 100 points. Crazy.
Condoms are now considered durable goods in Greece.
Heh, there we have it: "[...] very bad news for Q2 GDP if indeed this flows through into the GDP calculation." (Emphasis added) Guess what's not gonna happen?
Thank you to whomever. Yesterday I was reading ZH and was soooo sick of the damn poppy, flashy, in-out grey to transparant ads that seem to have multiplied by 10x in the last couple months. I read on ZH that someone said to switch to mozilla with flashblock and adblock. OMG!!. I did this morning and I am a happy camper.
I know you need to make a few buck Tyler, but jezzz it has become insane navigating all the crap.
Just in case: There is this magic "donate"-button on the upper right. It is functioning - so just hit it, and you shall find relief, cause Tyler will make a few bucks even without you watching the ads.
Thank you to whomever. Yesterday I was reading ZH and was soooo sick of the damn poppy, flashy, in-out grey to transparant ads that seem to have multiplied by 10x in the last couple months. I read on ZH that someone said to switch to mozilla with flashblock and adblock. OMG!!. I did this morning and I am a happy camper.
I know you need to make a few bucks Tyler, but jezzz it has become insane navigating all the crap.
Amsrican capitalism has priced itself out of its own market.
Their servitude to an otherwise doomed regime knows no bounds.
Remains to be seen if we have something far worse than a mid cycle slowdown/correction in the offing.
To say "you're the bag holder" if you're long and strong junk bonds right now is an understatement. This one could really make 93-94 look like blip on he radar screen.
Ironically the Fed has never been more supportive...other than with Government investigators of course.
It's okay. I just heard from Janet Yellen in engineering, "She's givin' it all she's got ca'tain!"
went to buy a mattress last weekend and that place was EMPTY
If you think that is bad, check out your local Best Buy/Sears. I needed to get a couple of new appliances recently, while shopping, those both were pretty empty. Had employees tripping over themselves to get to me. Also, I should mention that this was over the Memorial Day weekend sales events. Yeah, its really bad.
Sears has been empty for years. I have no clue how they stay in business.
While yes they usually are, during appliance sales, you can usually find quite a few people in there.
Fucking internet gremlins.
Yes they are planning a new production line on mattresses that fit into tents.
Boeing got this covered.
US gdp should soon get a boost. Stuffing eastern europe with unneeded miltary equipment and supplies should do the trick. The theory is if one can do it with autos then expensive military stuff should do at least as well.
http://mobile.reuters.com/article/idUSKBN0P315620150623?irpc=932
Economic realities in the US- $18 trillion (& counting) in debt, high unemployment and an anemic job market (>90% of “new” jobs are temp positions- read low pay/minimum wage, no benefits, zero job security), the average working person is making less today than a decade ago. College students are graduating with average of $30k in debt, facing a very weak job market and moving back in with mom and dad. Insolvent banks are still being propped by taxpayer largess (QE), car sales propped up with sub-prime auto loans (how does a person working at Walmart/McDonalds afford a new car?) and the stock market is being inflated by companies buying back their own stock, using ultra cheap money supplied by the FED (ie, US taxpayers). These conditions are hardly those of a healthy economy.
Are my eyes bad or did it start to fall as soon as there was a liquidity shortage of funny, money?