There is seriously very little that suggests a recession is imminent. I have to think the decline in SP500 earnings is illusory, based on energy companies, materials companies and the stronger dollar. Otherwise, how do you explain all the positive economic numbers?
WASHINGTON (Reuters) - New orders for long-lasting U.S. manufactured goods in January rose by the most in 10 months as demand picked up across the board, offering a ray of hope for the downtrodden manufacturing sector.
While other data on Thursday showed new applications for unemployment benefits increased last week, they remained below levels associated with a tightening labor market. The reports suggest economic growth accelerated at the start of the year after stumbling in the fourth quarter.
The Commerce Department said orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, surged 4.9 percent last month, reversing December's 4.6 percent plunge.
January's increase was the largest since March and beat economists' expectations for only 2.5 percent rise.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 3.9 percent after tumbling by a revised 3.7 percent in December. These so-called core capital goods orders were previously reported to have decreased 4.3 percent in December.