[/caption]Today, the government reported that orders for durable goods had fallen – these orders are defined as big items purchased of goods that last for up to three years and the purchase of said items is a good barometer on how or economy is faring.
The drop in durable goods were pronounced in our aircraft orders (26.9% decline) and accounted for the 1.1% decline in May, the Wall Street Journal's Market Watch reports.
There were positives in the government reports too: Core Capital orders, which are measurements on how the economy’s manufacturing sector is faring rose some 2.1% after falling 2.7% in April.
The more durable goods that are ordered, the more people are needed to make such durable goods, to assemble the goods, to perform testing/maintenance, to transport such goods, etc - we can see the exponential gains in many sectors of employment when the durable goods orders are significant.
In other economic news, the Labor Department reported that first time state applications for unemployment fell some 19,000, the lowest in six weeks. The report was close to the pundits’ expectations, but the consensus is still that there needs to be much more jobs created to put a significant dent in our employment numbers. Bank of America’s Michael Hanson, believes that the private jobs will keep increasing in June and he also projects that non-farm payrolls will increase to a 150,000 this month, signifying a gradual rise in the labor department stats.
The number of people receiving unemployment benefits of any kind rose by 155000 to 9.66 million in the week ending June 5 from 9.15 million. All the economic news mentioned has the stock market trading sideways with no significant gains or loses.
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