Durables Fall More Than Expected

So much of this is dependent on the depressed new/resale housing market. Until that shows some decent improvement everything else will languish.

Durable goods orders were down 3.6% in April, compared with expectations of a 2.2% decline. Last month’s gain was revised up to 4.4% from 4.1%.

This is one more piece of evidence lining up on the side of those seeing a slowdown in the second quarter (and maybe beyond). The upward revisions to March’s numbers do ease the sting a touch, but this could bring down some second-quarter GDP forecasts.