Manufacturing, including automobiles, steel, petrochemicals, computers, aircraft and consumer durables, account for 31% of GDP.
Consumer-goods orders fell 1.9%, with consumer durable goods orders falling 0.7% and non-durables down 2.2%.
But similar demand-driven growth in things like consumer durables, automobiles and motorized two-wheelers is not evident.
Outperforming sectors look to be financials, healthcare and possibly consumer non-durables which strangely have led the market.
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In advance of a business launch, borrowers cut spending on consumer goods to save for the purchase of durables.
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Other industries that make a strong showing on the list include household durables, financial services, automobiles and food products.
First, they raise the cost of borrowing and so deter new investment or purchases of consumer durables on credit.
Spectacular advances in the production of consumer durables, electric power, new appliances, suburban housing, and city skyscrapers highlighted the decade.
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The awkward fact remains that if you leave out all durables, not just computers, the productivity miracle is still missing.
As income per capita gets above those levels you start seeing consumption of cars, all consumer durables, cellphone usage, etc.
The single most important reason for the downgrade to consumption growth in 2005 was weaker spending on household durables like freezers.
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That's what comes with steady profits: American Axle ranks first among consumer durables companies in earnings-per-share growth--45%--over the past five years.
Sales of TV sets, washing machines and other consumer durables could soar as proud owners strive to turn houses into homes.
Also, in the economy apart from durables manufacturing, capital deepening more than explains the tiny increase in labour productivity all by itself.
This label fits Daniel Oppenheim, 32, who ranks as the third best earnings forecaster in his category, household durables, according to StarMine.
Mr Gordon agrees that productivity growth has gone up in durables manufacturing.
Sales of autos, furniture, building materials and other durables actually fell heavily.
In many other Asian economies financing for consumer durables is virtually nonexistent.
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"That has centered on consumer durables, not least automobiles, " Amann added.
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For the market to levitate we need to see rising employment numbers, home prices bouncing up and consumer durables like autos showing late foot.
During the eighties, I saw this phenomenon in broadcasting, gaming casinos, natural resources, department stores, banking and finance as well as technology and consumer non-durables.
Last week, Commerce had estimated a 1.6% rise in June durables.
Consumer non-durables and healthcare are underleveraged plays in an economic resurgence.
All eleven sectors were extremely undervalued fundamentally by ValuEngine on March 9, 2009 with readings between 32% undervalued for consumer durables and 44.9% undervalued for health care.
Rising disposable income, the growth of the middle class and a relatively low penetration rate for appliances are making the Philippines a hot market for consumer durables.
Index underachievers embrace energy, healthcare, utilities and consumer non durables.
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The same goes for industrials, materials, retailing and consumer durables.
Stephen Roach, chief economist of Morgan Stanley Dean Witter, thinks this in turn will boost the interest-sensitive areas of the economy, such as capital investment, consumer durables and home building.
Although states get little revenue from property taxes, the subprime bust has hit sales-tax revenue as fewer people buy durables for new homes, and unemployment in construction cuts into income-tax receipts.
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Scale can come in one market or across a range, as HTC (telco infrastructure to smartphones) as well as Samsung (smartphones and tablets to TVs and kitchen durables and medical devices) are showing.
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