Tough economic news this morning.
Orders for durable goods increased 0.3% in July against average forecast of 3%. Excluding transportation, orders fell 3.8%. This is an indication of slowing down of demand for US Manufacturing.
New home sales fell 12.4%. Low interest rates and lower housing prices are not enough to get people to buy homes. An indication that people are fearful for their jobs, if they have them.
Without jobs, people are going to be cutting back on spending leading to decreased demand for goods. Where are the jobs going to come from?