Ex-trans Durables Decline for 13th Consecutive Month.

Durable Goods Orders (February 2016)

– New Orders month/month  -2.8%. Previous was +4.9%
– New Orders year/year    +1.8%. Previous was +1.8%
– Ex-transportation month/month  -1.0%. Previous was +1.8%
– Ex-transportation year/year    -0.5%. Previous was -0.6 %
– Core capital goods month/month  -1.8%. Previous was + 3.9%
– Core capital goods year/year   -0.1%. Previous was  -2.8%

This is the 13th consecutive monthly decline in ex-trans Durables.  This is the longest streak of lower core Durable absent recession.  What still mystifies me is that neither the markets nor the Fed seems concerned about anemic GDP growth.

We have manufacturing improving but Durable Goods down. This may reflect a decrease in heavy equipment for export. The fact that fewer durable are being produced implies that either the world economy will slow in the future. Durable are related to manufacturing and construction. It would be easier to understand this if we had accurate data from China.

 
Initial Jobless Claims (week ended 3/19/2016)

– New Claims seasonally adjusted 265,000. Previous was 259,000
– New Claims unadjusted, were 230,888  a decrease of 6,024 from previous
– 4-week Moving Average  259,750. Previous was 259,500

 

PMI Services Flash (March 2016)

– Level  51.0. Previous was 49.8

 
Kansas City Federal Reserve Manufacturing Index (March 2016)

– Level -6. Previous was -12.