By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – You know it's a slow day in the financial world when CNN/Money.com's poll of the day is, "Is your boss an idiot?" But despite that very relevant question, there is actually some news worth noting. I'm Maxine Shapiro, with KERA Marketplace Midday.
U.S. manufacturing had a little something to cheer about today. New orders for durable goods climbed again in July. Durable goods are high priced items you buy to last more than three years, like TV's and refrigerators. Though the rise of 1% was not as high as June's 2.6%, it was in line with expectations. One economist told the Wall Street Journal, "it was the first back-to-back increase in new orders in more than two years." Also, demand for automobiles - and the parts that go with them - swelled 5.5%. Record high incentives and continuing low interest rates had a lot to do with it, which might make July auto sales the best this year.
After an unexpected drop in July, consumer confidence was back up in August. The Conference Board reported the consumer confidence index at 81.3. That was higher than expected and up from the revised 77 in July. Here's the interesting part about the breakdown in this index: in measuring attitudes on present conditions, the number fell. But consumers are much more optimistic about the future. The expectations index rose to 94.4 from June's 86.
And according to congressional auditors, 2004 will be a record year for the federal budget deficit. Not counting Iraq-related costs or any other new spending we're looking at $480 billion in the whole. Why wait until '04? The deficit for the fiscal year ending September 30th already broke the record by over $100 billion dollars at $401 billion.
And the best news of all - of the almost 4-thousand people that took the CNN/Money.com poll, 60% said their boss was not an idiot. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m.
Email Maxine Shapiro about this story.