Expecting the unexpected
Wednesday started with bad news/good news economic reports for trucking. Both involve May numbers.
New orders for durable goods were up by 1.8 percent, says the Commerce Department. That’s better than expected, and a welcome report for any business related to manufacturing.
On the down side, sales of new homes fell, which also wasn’t expected. They were down almost a third from a year ago, reports the Commerce Department.
The market placed more weigh on the durable goods number, and stocks were up at mid-day, particularly those of motor carriers and package shippers.
As Blogger Andrew Leonard says, noting those two reports: “It’s tough out there for an economic forecaster. Everything’s unexpected!”
– Max Heine