Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.
Quotes about durables (3 Quotes)
People are just anticipating strong economic data this week. They are also thinking the summer lull may be over and that we may be surprised on the U.S. durables report this week,
I think the headline number is a bit misleading. It doesn't suggest that the economy is in trouble. Consumer durables production is looking solid, so it's looking like there's still going to be strong first quarter GDP growth.