Reports about the state of affairs in the US economy have been demonstrating astounding negative trends. "So we blame the weather, which in parts of the US was truly atrocious, while in other parts, particularly in California, it was gorgeous. Too gorgeous," Wolf Richter wrote.
Drought has hit the United States for the fourth consecutive year. However, drought is not something that stops people from buying goods. It does not stop companies from buying equipment either, Pravda.Ru says.
Demand on durable goods fell by 1.4%, which marked the third decline in four months according to the Census Bureau. "Transportation equipment fell 3.5%, also the third decrease in four months. Excluding transportation, new orders - "core" durable goods - fell 0.4%, down for the fifth month in a row," wolfstreet.com said.
Business spending indicator, the main criterion of the economy, fell by 1.4%, for the sixth consecutive time. Weather has nothing to do with it. According to experts, it goes about the strong dollar and weak demand in the US and around the world.
In its latest report, the Fed mentioned drilling works in the oil industry and the decline in "real equipment investment and real inventory investment" as the main causes for the economic setback.
Not that long ago, Wall Street promised that the US economy would achieve the highest results in the near future before going to the next level. The promise has turned into yet another false step, the purpose of which was to rationalize stock prices. Instead of the economic growth, bankers have created a "bond bubble" that has been getting more extreme in the stock markets, bigness.ru said.
Read article on the Russian page of Pravda.Ru
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