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Mixed Results in Week's Economic Data

Morningstar's Bob Johnson says he was encouraged by the revised first-quarter GDP estimate, but auto sales, durable goods orders, and pending home sales were worrisome.

Bob Johnson: This week we received a lot of economic data. Some of it positive, and some of it negative. Let's first start with some of the negative data we've received this week.

It started out badly when durable goods orders looked down sharply, both the year over year and month to month. However, when you adjust for the fact of aircraft orders it didn't look quite so bad, but nevertheless manufacturing orders for new durable goods were mediocre at best.