Why Today’s Weak Durable Goods Numbers Foreshadow Low Confidence
Consumers appear to be holding back on buying non-essential goods, and this could impact the economic recovery.
The durable goods orders contracted a dismal 5.7% in March, according to the United States Census Bureau, representing the largest decline in seven months—a far cry from the 4.3% rise in February and well below the Briefing.com estimate calling for a four percent decline. Taking out the volatile transportation portion, durable goods fell 1.4%, versus the Briefing.com estimate of -0.1%, equaling the second straight month of declines. The durable goods readings have largely been inconsistent, as reflected in the chart below, and suggest the economic recovery may be at risk.
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