Tuesday, January 6, 2009

December Capital Goods Numbers Continue Negative

With the Fed pumping money at double digit annualized rates, we are probably near the bottom of this downturn. But it is not showing up in the numbers, yet.

Commerce Department figures show US factory orders fell by 4.6 per cent in November, the fourth consecutive monthly decline.

Meanwhile, pending home sales sank to a seven-year low in November, according to the National Association of Realtors’ pending home sales index.

The index was down 5.3% from the prior year. Pending home sales in November fell in all four regions, with declines of 7.2% in the Northeast, 6.7% in the Midwest, 2.4% in the West and 2.2% in the South. The October pending home sales index was revised to a decline of 4.2% from a prior estimate of a 0.7% drop.

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