The Census Bureau reports New Orders for Manufactured Durable Goods in November increased $3.1 billion or 1.3 percent to $241.4 billion.
- Durable Goods: +1.3%
- Excluding Transportation: -0.1%
- Excluding Defense: +1.0%
- Transportation: +4.2%
- Core Capital Goods: -0.1%
- October Revised from -1.2% to -0.4%
- Durable Goods: +1.0%
- Excluding Transportation: +0.2%
- Transportation: +2.6%
- Core Capital Goods: +0.3%
Durable Goods Highlights
- This was not a bad report but it failed to meet the Econoday expectation of a 2.0% bounce.
- Factoring in revisions, the consensus was nearly spot on.
- Autos still show a hurricane impact and they are a sizable portion of durable goods.
- Aircraft skewed the the report making November look better than it really was and October worse than it really was.
One can make a bullish or bearish case out of this report but once the hurricane impacts on autos and machinery is over, it may be difficult to sustain good numbers.
Mike "Mish" Shedlock