Durables data was firm.

• Shipments ex-aircraft and defense (proxy for current qtr business capex) up 0.8%; stands 2.2% above Q4 avg; implication is real capex up 5-6% in q1 after 13.3% gain in q4
• Orders ex-aircraft and defense (proxy for future capex) up 1.1%

New home sales down 2.2% (prior mth revised to -8.7% from -11.2%); level of new home sales of 308k (annualized) makes new all-time low for 2nd straight month. As a % of the overall economy, hard to see housing go much lower!