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COPYRIGHT 2005 The Dallas Morning News
Byline: Danielle DiMartino
Aug. 24--Durable goods orders for July shocked investors Wednesday morning, diving 4.9 percent, over three times what economists had forecast and the worst decline since January 2004.
Though some weakness was expected in the headline number, giving back recent strength in aircraft orders, the weakness in orders was more widespread than anticipated.
Orders for non-defense capital goods -- a proxy for business spending -- skidded 3.7 percent, a huge swing from June's 4.8 percent gain and miles off the 0.6 percent decline most economists had been expecting.
The unexpected weakness of...
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