In January, real disposable income was $15,154 billion, which was an all-time high as is usually the case for real disposable income.
Compared with one year ago, cutting tool orders contracted -2.6%; however, this was the slowest rate of month-over-month contraction since April 2019.
January’s housing permits were 113,000, increasing almost 20% from one year ago.
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The real 10-yr Treasury rate was negative for the fifth time in eight months, keeping the annual change in the rate negative for the 13th month in a row.
Accelerating growth in the monetary base is a positive sign for capital equipment consumption later in 2020.
Compared with one year ago, capacity utilization contracted 2.4%.
Durable goods production growth will likely turn to contraction in the next month or two.
Machine unit orders contracted just 1.2% in December after four consecutive months of contracting more than 23%.
While new orders in durable goods contracted at their fastest annual rate in December, the rate of contraction should begin to slow in early 2020.
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