After two months of declines, US durable goods orders rose 0.2% MoM (SA) in preliminary October data (significantly less than the expected +0.5%). Interestingly, given the recent stagnation, this blip higher pushed orders up 5.3% YoY (NSA) – the highest since Nov 2023…
Source: Bloomberg
On an SA basis, total durable goods orders have basically gone nowhere since March 2023…
Source: Bloomberg
Ex-Transportation, orders rose just 0.1% MoM and worse still, non-defense, ex-aircraft orders fell 0.2% MoM (well below the +0.1% MoM expected).
The one very modest silver lining was Capital Goods Shipments Ex Air (a figure that is used to help calculate equipment investment in the government’s GDP report) rose 0.2% MoM (better than expected).
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