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Punjabi Patrika

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Friday January 21st, 2014



New orders for durable goods unexpectedly dropped 4.3% in December a.. US new orders for factory durable goods dropped 4.3% in December, well-below market expectations for a 1.8% increase. The drop more-thanretraced a revised 2.6% (was 3.4%) jump in November.

the BEA’s quarterly estimate of business equipment investment dipped a more modest 0.2% after rising 2.3% (was 2.7%) in November

We expect the strengthening, along with indications of solid consumer spending growth, to offset a partial unwind of a surge in Q3 business inventories resulting in overall Q4 GDP growth of 3.3%, down surprisingly modestly from the 4.1% surge in Q3.

d.. While the drop in core nondefense capital goods ex-airb.. Market expectations were craft orders in December could premised in part on anecdotal cause some concern about the reports of rising aircraft orders pace of business investment Implications that were not evident in today’s entering 2014, the monthly data report with the volatile aircraft is highly volatile suggesting not New orders for durable goods component dropping 16.8% too much should be read into surprisingly dropped 4.3% in in December. With that said, one report. A more modest drop December following a downexcluding the transportation in the typically more stable wardly revised 2.6% (was component, orders were still core shipments measure fol- 3.4%) gain in November. The down 1.6% which was well- lowed solid increases in earlier December reading was wellbelow market expectations for months to leave that measure below market expectations for a 0.6% gain. still up an annualized 6.5% in a 1.8% increase in the month. Q4 as a whole. This marked a Part of the weakness reflected c.. The key orders of nonde- significant improvement from a 16.8% drop in the aerospace fense capital goods excluding the 2.1% and 0.9% increases component that was surprisaircraft component dropped in Q3 and Q2, respectively, ing given a solid increase in 1.3%, retracing about half of a and remains consistent with Boeing orders earlier reported. downwardly revised 2.6% (was our forecast that equipment Orders of motor vehicles also 4.1%) surge in November. The investment fell,YEAR however, dropping 5.8% WISHING EVERYONE A growth HAPPY NEW strengthkr qusIN corresponding shipments mea- ened to a 7.0% rate in Q4 fol- in December and jy excluding sure, which enters directly into lowing a 0.2% increase in Q3. the entire transportation sec-

tor orders declined 1.6%, below expectations for a 0.6% increase, following a revised 0.1% increase in November that is much smaller than the previously reported 1.2% gain. The key orders of nondefense capital goods excluding aircraft component dropped 1.3%, retracing about half of a downwardly revised 2.6% (was 4.1%) surge in November. The corresponding shipments measure, which enters directly into the BEA’s quarterly estimate of business equipment investment dipped a more modest 0.2% after rising 2.3% (was 2.7%) in November

one report. A more modest drop in the typically more stable core shipments measure followed solid increases in earlier months to leave that measure still up an annualized 6.5% in Q4 as a whole. This marked a significant improvement from the 2.1% and 0.9% increases in Q3 and Q2, respectively, and remains consistent with our forecast that equipment investment growth strengthened to a 7.0% rate in Q4 following a 0.2% increase in Q3. We expect the strengthening, along with indications of solid consumer spending growth, to offset a partial unwind of a surge in Q3 business inventories resulting in overall Q4 GDP growth of 3.3%, down surprisingly modestly from the 4.1% surge in Q3.

While the drop in core nondefense capital goods ex-aircraft orders in December could cause some concern about the pace of business investment enter- RBC contacts: ing 2014, the monthly data is Nathan Janzen, Economist Gr, kmrSIAl highlyPwrm volatilejWsuggesting not pRwprtI KrIdxI jW vycxI too much should be read into

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WEST ABBOTSFORD WEST ABBOTSFORD - NEW LISTING

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January 31st, 2014  

Bilingual English and Punjabi Newspaper for Abbotsford and the Fraser Valley

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