The January revision is mostly due to the plunge in aircraft orders reported in the durable-goods numbers. In February, the index was pulled down by lower consumer confidence, higher jobless claims, shorter delivery times and lower building permits.
More Quotes from Ian Shepherdson:
If claims remain anywhere near this week's level, they will send a very strong signal that the labor market is tightening.Ian Shepherdson
Preparing the markets for a rate hike is a process in which the Fed gradually has to back away from its unduly pessimistic stance of recent months. This will take some time, but the process is now underway.
Ian Shepherdson
Skeptics will argue this is just a post-war bounce that won't last, but we disagree, ... The ISM was in the mid-50s before the war, thanks to very loose policy, and there's no reason why it can't return to those levels very soon. The Fed does not need to
Ian Shepherdson
At this level the index is consistent with spending growth of about 3.5 percent, in line with recent economic data. But watch out for a dip next month in the wake of the renewed spike in gas prices. Overall, though, quite robust.
Ian Shepherdson
After four straight months of worse-than-expected core CPI numbers, (this report provides) some relief.
Ian Shepherdson
The rise in oil prices was always likely to hit these numbers with a vengeance, and the petroleum deficit duly rose by 1.4 billion.
Ian Shepherdson
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Based on Topics: Confidence QuotesBased on Keywords: durable-goods
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