This always kills me.
Economic data has been politicized in the Obama Administration to the point where they are claiming the recession that started after the democrats took congress has bottomed out.
Orders for durable goods are steeply down. Durable goods are the things that people typically use to make consumer goods. Essentially this means business think business down the road is going to be really bad.
Consumer confidence is way down and Unemployment is way up. This data supports the durable goods orders, people won't be buying stuff that businesses won't be making.
So what is up? Home sales typically go up in the spring and summer and with the 8K tax credit people are buying existing homes. Good thing too since Obama is trying to sell government bonds to a bloated market and that will push interest rates up.
Auto sales are up for July and probably August thanks to CARS. Morons who bought gas guzzlers are getting paid for their irresponsibility while responsible people are once again getting screwed by the demophytes.
The economy is tanking. Period.
I wish it weren't. You know what they do with engineers over 40, don't you? They shoot them. If you are not in marketing or management by 40 you will eventually get tanked, after all who needs experienced engineers when they have inexperienced college grads who make less money?
Welcome to the future, where your products are designed by inexperienced people with an academic background and very little understanding of the applications of their education.