Durable Goods orders decrease when you extrapolate transportation.

“New orders for manufactured durable goods in January increased $5.2 billion or 3.0 percent to $175.7 billion, the U.S. Census Bureau announced today. This was the second consecutive monthly increase and followed a 1.9 percent December increase. Excluding transportation, new orders decreased 0.6 percent. Excluding defense, new orders increased 1.6 percent.”

Most important in the “new orders” column is the decrease in computers and electronic components.  Orders for new computer equipment and cell phones mean jobs. Jobs drive office space absorption. The Durable Goods numbers tell us very little computer equipment = very few jobs = very little office space absorption.

It remains an excellent time to be a tenant in the market.