Why GDP & Durable Goods Data was Awful while Initial Claims was Strong

So far this week the market has digested a generally stronger than expected housing market, consumer confidence, and initial unemployment insurance claims, while simultaneously absorbing very weak durable goods and GDP figures. The inconsistency in the recent economic indicators begs the question: why? Well, first the numbers. Initial claims came in at a seasonally adjusted 359K, a decrease of 6.8% over the prior week. The drop in claims was enough to move the four week moving average from 378.5K to 374K. The claims came in 20K less than what the average market analyst expected. The surprising initial claims figures didn’t…