It's the early signs of some cooling in this super-heated market. Fewer people qualify for loans and sales at these prices.
More Quotes from David Resler:We still have yet to see much evidence that any of this is translating into an inflation threat. Until it does, I don't expect the Fed to move.
It's as good as it gets. You've got low inflation, minimal wage pressure, great productivity, booming growth and strong demand.
While it's true that capacity use rates are very low, it's also true that much of that capacity has been rendered obsolete by technological advances and that replacement of capital is faster than it used to be. So a lot of businesses may feel they have little choice but to spend, if they want to preserve their competitive edge.
Nevertheless, money supply contractions are often harbingers of bad times ahead, and if this lasts much longer, people will get more concerned.
In today's integrated global economy, given the liquid nature of capital flows, an individual trade balance doesn't mean so much. A lot of the anxiety is overblown.
Overall, durable orders need to be looked at on a trend basis, and even after the drop in orders other than transportation orders ... the capital good sector remains very healthy and will contribute solidly to growth throughout 2006.
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