"There's uncertainty domestically about the tax environment, and there's uncertainty globally about the outcome of the European crisis"
- Millan Mulraine, a senior U.S. strategist at TD Securities
U.S. core durable goods orders fell in July, adding to concerns manufacturing will contribute less to the economic growth. Orders excluding aircraft and transportation goods dropped 0.4 per cent, said the Commerce Department on Friday.
"There's uncertainty domestically about the tax environment, and there's uncertainty globally about the outcome of the European crisis," said Millan Mulraine, a senior U.S. strategist at TD Securities in New York, who correctly projected the overall gain in orders.
This is "not engendering business investment and hiring," he said. "This would bolster the case for the Fed, suggesting that the soft underbelly of the recovery may be extending into the third quarter."
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