Headline: Down 2.5%
Expectations: 1.4% increase
Last Month: 0.3% fall, revised
Analysis: Very weak number, far worse than all estimates (pretty much everyone expected growth of over 1%).
Transportation was incredibly weak. Without transportation excluded, durable goods orders actually increased 0.5%.
New orders for manufactured durable goods in December decreased $5.0 billion or 2.5 per cent to $191.0 billion, the U.S. Census Bureau announced today. This decrease, down four of the last five months, followed a 0.1 per cent November decrease. Excluding transportation, new orders increased 0.5 per cent. Excluding defence, new orders decreased 2.5 per cent.
And on automobiles:
Transportation equipment, also down four of the last five months, had the largest decrease, $5.8 billion or 12.8 per cent to $39.2 billion. This was due to nondefense aircraft and parts, which decreased $5.0 billion.
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