This morning's better than expected durable goods report joins a growing list of indicators (retail sales, ISM, housing) that have been showing improvement, albeit from severely depressed levels. Even after these improved numbers, today's durable goods report showed the second largest (-23.39%) year/year (y/y) decline in the indicator's history. Looking at durable goods ex transportation shows a similar trend, as they showed a y/y decline of 16.20%, which was the fifth worst y/y reading in the indicator's history.
Which housing indicator are you looking at that shows improvement? I see data that shows the typical JAN to FEB bump which happens every year; the year over year numbers are dreadful, and last year's numbers stunk on ice.
Posted by: Ollie | March 25, 2009 at 03:21 PM