Durable goods orders for October were down 3.3% vs. a 0.3% expected decline, according to the U.S. Census Bureau.
Excluding transportation orders, which can be volatile, durable goods data still missed expectations, dropping 2.7% vs. expectations of a 0.4% increase according to Finviz.
New orders for manufactured durable goods in October decreased $6.8 billion or 3.3 per cent to $196.0 billion, the U.S. Census Bureau announced today. This decrease, down two of the last three months, followed a 5.0 per cent September increase. Excluding transportation, new orders decreased 2.7 per cent. Excluding defence, new orders decreased 2.1 per cent.
Transportation equipment, also down two of the last three months, had the largest decrease, $2.9 billion or 5.2 per cent to $52.3 billion. This was led by defence aircraft and parts, which decreased $1.6 billion.
This takes some wind out of bulls’ sails, given the flurry of better than expected data we’ve seen over the last two months.
The full release can be found here.