U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, durable goods orders, new residential sales, and the weekly DOE energy stocks report.
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Excluding transportation, new orders for durable goods are up 9.6% at an annual rate in the first five months of 2006 while unfilled orders are up 12.8%.
OK, for most investors the BMW gauge or wine auction activity will never replace traditional economic indicators like housing starts or new orders for durable goods.
September new home sales and durable goods orders data will be published on Wednesday.
U.S. stock futures were modestly higher ahead of data including durable goods orders, consumer confidence and new home sales.
Dhanda asserts that the trends in global industrial production, U.S. durable goods orders and the global ISM new order index all argue for a more cautious stance on chip stocks.
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In the U.S., we can see it in the reversals of previously positive economic reports and unexpected declines in durable goods orders, industrial production, new home sales, existing home sales, new home starts, construction spending, new jobs creation, personal income, consumer confidence, small business confidence, and so on.
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New orders for U.S. durable goods slipped 0.8% in March, far less than the 1.5% drop Wall Street had expected.
There was the first drop to a negative reading by the Leading Economic Indicators in nine months, the largest decline in durable goods orders since last August, big plunges in new home starts and permits for future starts.
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Thursday will feature November durable goods orders, November personal income and spending, November new home sales and the final December University of Michigan consumer sentiment survey results.
As I wrote last week, durable goods orders were flat in October after an encouraging increase in September, new home sales fell 0.3% in October, and consumer spending declined in October for the first time in five months.
U.S. economic data due for release Thursday includes the weekly jobless claims report, durable goods orders, the Chicago Fed national activity index, leading economic indicators and new residential sales.
In responding positively to those relatively minor reports, the market rally supposedly ignored the big plunge in durable goods orders in October (the largest monthly decline since January, 2009), that new home sales fell 8.1% in October, worse than forecasts, while home prices declined further, and the inventory of unsold homes rose more than expected.
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