Predictions of a robustly growing economy may prove as evanescent as yesterday’s winter storm warnings. As Michelle Jamrisko of Bloomberg reports:
Orders for U.S. durable goods — items meant to last at least three years — decreased 3.4 percent in December after falling 2.1 percent the prior month, data from the Commerce Department showed Tuesday in Washington. The median forecast of 80 economists surveyed by Bloomberg estimated bookings would rise 0.3 percent, with projections ranging from a 3.5 percent drop to a 2 percent gain.
This is one of those “closely watched” numbers and if it were three and a half in the black, then you could be sure we would be hearing a lot about that from Josh Earnest.
It is only one number and there are, indeed, many signs of economic rejuvenation. But it is, at the very least, troubling until other, more hopeful numbers come along.
The stock market, by the way, is taking it hard. Down some 300 points around the open with big boys like Microsoft, P&G, and Cat leading the way down.
Perhaps Wall Street should have taken a snow day.
