The data are heavily distorted by a large military contract and the surge in vehicle sales. Once these have dissipated, orders and shipments will sag again.
More Quotes from Steven Wood:
Although these data were better than expected, job creation is still weak.Steven Wood
There is a clear improving trend in orders which provides support for the recovering manufacturing sector, ... Although some of the inventory building that occurred was likely Y2K related and will be reversed in the new year, the acceleration of both shipments and backlogs suggests that the manufacturing recovery has substantial staying power.
Steven Wood
While good gains in productivity are economically favorable, it is not a good situation when this occurs because labor input is declining more rapidly than output.
Steven Wood
Despite the strength during the quarter, the period ended on a much weaker note, suggesting (second-quarter) growth is likely to be weaker. These data are unlikely to sway the (Fed) from easing again at (its) May 15th meeting.
Steven Wood
This was the first time that the January budget has been in deficit since 1992.
Steven Wood
While the auto sector appears to have corrected its inventory overhang, other sectors have not been nearly as successful, particularly high tech, ... As business sales slow, it will be even more difficult to bring inventories into line.
Steven Wood
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