It was the second large drop in the past three months for durable-goods orders, raising fears that manufacturing is running out of steam after leading a tepid recovery over the past two years. Without a strong manufacturing sector, it is hard to see how forecasts of a strong second-half recovery can be realized.
The decline in orders in June followed a revised 1.9% rise in May and a 2.5% drop in April.
The decline was a surprise to the closest observers. Economists surveyed by MarketWatch had been forecasting a flat reading.
Wednesday, July 27, 2011
At least it wasn't "unexpected".....Errrr, wait
Posted by traderrob at 7:04 AM