(Sound of toilet flushing)
"July's overseas sales help factories handle slump" by Bloomberg News | August 28, 2008
WASHINGTON - Orders for US durable goods unexpectedly increased in July, indicating that growing demand from abroad is still helping companies weather a slump in domestic spending.
The 1.3 percent gain in bookings of goods meant to last several years matched the previous month's rise, the Commerce Department said yesterday. The gains may have been aided by foreign demand for autos, aircraft, and telecommunications gear as exports climbed to a record.
Why you guys gotta keep lying? See: Starving to Export
The boost from exports may wane because the European and Japanese economies are now contracting, while the dollar is rallying. Federal Reserve officials anticipate trade gains will fade, minutes of their Aug. 5 meeting show.
Manufacturing "is essentially afloat on a trade lifeboat," said Zach Pandl, an economist at Lehman Brothers Holding Inc.in New York. "With growth now showing convincing signs of slowing with some of our major trading partners, we think that capital-equipment spending is going to slow in the latter part of the year."
Did you see Starving to Export, readers?
So what is with the damn lies, business puke?
Yesterday's report indicates stronger growth in the third quarter than economists previously anticipated. Factories are faring better than in past downturns.
WTF?!!
"Exports are the bright spot this year in an otherwise bleak economy. But the world is not suddenly snapping up made-in-America goods like aircraft, machinery and staplers. The great attraction is decidedly low-luster commodities like corn, wheat, ore and scrap metal. This helps explain why manufacturing jobs are continuing to disappear by the tens of thousands and factories are closing even during a miniboom in exports. While the surge in commodities is a welcome relief, it is an unreliable prop for an industrial power."
Had enough lies yet, America?
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