Durable Goods Up by Comparison with Weak January

Mortgage Applications

Purchase Index – Week/Week Change 3.3%
Composite Index – Week/Week Change -2.7%
Refinance Index – Week/Week Change -4.6%.

The Purchase Index is a positive in light of yesterday’s weak Case-Shiller Home Price data. Refinanced applications suffer because of higher rates.

Durable Goods Orders (February 2012)

New Orders – Month/Month 2.2%
New Orders – Year/Year 12.2%
Ex-transportation – Month/Month 1.6%
Ex-transportation – Year/Year 8.5%.

These gains might appear positive but the month/month data is up only by comparison with a weak January which saw -3.6% overall and -3.0% ex-trans.

Tomorrow has so-called “Final 4th Q2011 GDP.” In fact, these GDP data get revised for as long as another four years.