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Macro View

Moments ago at 8:30ET, we received a big blast of 3 noteworthy data points on the US economy...

Final 2nd quarter GDP was revised down to 1.3% from 1.7%

Durable Goods Orders fell by 13%, vs consensus expectations of -5%, as the big and volatile aircraft component was weaker than expected. Boeing's orders were reportedly down by 100% and auto sales off by 10%. Ex-transports, Durables were off by only 1.6% vs expectations of +0.2%.

And the third surprise this morning was a positive one with Initial Jobless Claims falling 26,000 to 359,000. This is a strong move away from the 375k level where claims have been very sticky this year.

S&P futures were up 8 points to 1435 before the numbers and held on to most of that gain afterwards.

I look forward to Sheraz and John breaking down the internals of the GDP and Durables data for more clues about the muddle-through economy.

All I have to say right now is... Aren't ya glad the Fed fired their "last" QE bullet already so we don't have to hear all the arm-chair economists (myself included) carry on about the woulda, coulda, shouda?

Cooker


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