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Durable Goods Numbers Disappoint; Businesses Fret

Posted Dec 27, 07 11:07 AM CST in Business 

(Newser) – Durable good sales rose just 0.1% in November, a lower-than-expected bump after October’s 0.4% drop, Bloomberg reports. Analysts had forecast a 3% rise. Take out transportation, including stellar airline sales, and sales fell 0.7%.  It’s another sign the economy is slowing down and businesses are being cautious, economists said. One predicted that industrial production could soon turn negative.

In the face of a slowing domestic market, many companies are relying heavily on exports to weather the storm. Shipments to overseas buyers rose 0.9%. Treasury notes rose and the dollar fell after the report. A separate report contained more gloom still: Jobless claims rose unexpectedly last week, and the number of people collecting benefits jumped to a 2-year high.

Sources Bloomberg, Wall Street Journal

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Washers and dryers sit on display at Western Appliance in Mountain View, Calif., Wednesday, Sept. 26, 2007. Durable good orders rose less than expected today. (AP Photo/Paul Sakuma)   (Associated Press)
Passenger planes are parked at Newark International Airport terminals in this aerial photo on Wednesday, Aug. 29, 2007, in New Jersey. Airplanes were the one bright spot in an otherwise disappointing...   (Associated Press)
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