Wednesday, October 28, 2009

Quick Notes & Articles for the Day - October 28

Durable Goods Orders Rise 1.0% - The Commerce Department reported that orders for durable goods rose 1.0% in September on stronger demand for machinery, defense and capital goods. Excluding the 1.1% increase in transportation goods, orders rose 0.9%. It was the fourth increase in total orders in the past six months. Shipments rose 0.8% in September but were down 0.8% excluding transportation goods. Inventories fell 1.0%, the ninth consecutive monthly decline (a continued fall in inventories will eventually mean that output must rise to replace the inventory).

New Home Sales Fall - The Commerce Department estimated that new home sales fell 3.6% in September. The decline put new-home sales to a seasonally adjusted annual rate of 402,000. New-home sales in August were revised to a 417,000 level compared with the previous estimate of 429,000. This is the first decline in new home sales after five consecutive monthly gains. New-home sales are down 7.8% compared with a year ago. The supply of homes on the market fell to 251,000 in September which is the lowest level since November 1982.


U.S. Cracks Down on Promoters of Huge Tax Defiance - By Kim Dixon - Reuters - "U.S. authorities have filed lawsuits nationwide against promoters of schemes to help tax protesters collectively attempt to get fraudulent refunds of $562 million, the U.S. Justice Department said on Wednesday."

Home Tax Credit Audit Shows Abuses - By Jackie Calmes - The New York Times - "While government officials said many suspect claims could turn out to be simple errors, the report found examples of claimants who already owned homes or had not yet bought one. Some 582 taxpayers were under 18 years old — as young as 4. Of the 1.4 million people who have claimed nearly $10 billion in credits for 2008 and 2009, 60 percent had incomes below $50,000, raising questions about whether some could afford a home."

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