Look at the subcomponents -- what are inventories and new orders in this case ... If I were the purchasing manager at a hospital and somebody asked me about 'new orders,' what would I count Syringes Patients At a bank, what's 'inventory' Palm Pilots Mortgages.
More Quotes from Lara Rhame:
Investors take the number seriously so you have to view it as being not very good news, ... But I'm not a fan of it. It's so new, and it doesn't seem to correlate with overall output.Lara Rhame
It erodes the relative interest-rate support for the dollar.
Lara Rhame
Everybody has to learn a little more economics than they want to learn, now that we're drawing more and more of a distinction between actual GDP and final domestic demand, which is GDP minus inventories, ... Inventories can surprise. It's hard to make a solid forecast about them, and the Fed said that. I think the market continues to overestimate Fed rate cuts.
Lara Rhame
The weaker-than-expected housing number still leaves housing at a fairly high level of activity but will raise some eyebrows as markets worry about the (Federal Reserve) overshooting (with rate hikes).
Lara Rhame
Markets initially seem to be focusing more on the downward revision in growth than the upward revision to the deflator.
Lara Rhame
We had a massive jump in the Conference Board measure of consumer sentiment last month, and everybody will be looking for confirmation of that improvement in the Michigan survey.
Lara Rhame
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