Resilient Durables Does Not A Durable Recovery Make

Resilient Durables Does Not A Durable Recovery Make

You can put your own spin on December's durable goods numbers. The headline print, a 0.2% rise, was a big miss. The market was looking for 1%. On the face of it, that could conceivably be interpreted as a sign that strength in demand for the kinds of "stuff" consumers have been prone to purchasing post-pandemic is abating. That, in turn, could be read as a bad sign for manufacturing. December's rise is just a blip -- you can see it in red if you squint (figure below). However, the pessimist
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