Today was one of those bad-hair days for the beleaguered, no-renaissance manufacturing sector in the US. Bad-hair day because it wasn’t terrible to where you wanted roll up into a fetal position and hide under the table, but it wasn’t good either, just the kind of crummy disappointment we’ve seen more or less for years.
And if we ever sit down and wonder why this economy “feels” so much worse than the overall economic numbers, lousy as they are, we need to look at some of this data on a per-capita basis. Because that’s what each individual really feels. If you have a bigger pie, but you slice it into more pieces, each piece might end up being smaller.
So today, the Census Bureau released its durable goods report for May: lousy, lousy, lousy – and for the year so far:
New orders for manufactured durable goods, adjusted seasonally but not for inflation, fell for the third month in four, down 1.8% from April and down 2.2% year-to-date from the same period a year ago.
Excluding transportation, new orders for “core” durable goods rose 0.5% from April, but fell 1.3% year-to-date.
Excluding defense, new orders fell 2.1% from April and were down 1.1% year-to-date.
OK, aircraft orders got whacked, and they’re big and volatile. So non-defense capital goods excluding aircraft – a category that covers everything from farm machinery and computers to institutional furniture – is an important measurement of business spending, and it showed what businesses have been doing for a while: they cut spending. While orders inched up 0.4% from April, they dropped 2.6% year-to-date.
So overall, just lousy.
But here is the problem with how this economy feels for individuals: the US population has grown every year, even during the worst economic slump since the Great Depression. And this already weak economy looks a
Originally appeared at: http://davidstockmanscontracorner.com/15-years-of-bubble-finance-real-per-capita-durable-goods-down-36-5/
15-Years Of Bubble Finance—–Real Per Capita Durable Goods Down 36.5% is a story from: BitcoinWarrior.net