U.S. Durable Goods Orders Rebound In November But Miss Estimates
21 Dezember 2018 - 10:18AM
RTTF2
After reporting a steep drop in new orders for U.S. manufactured
durable goods in the previous month, the Commerce Department
released a report on Friday showing a rebound in durable goods
orders in the month of November.
The Commerce Department said durable goods orders climbed by 0.8
percent in November after plunging by 4.3 percent in October.
Economists had expected durable goods orders to jump by 1.6
percent.
Orders for transportation equipment led the rebound, surging up
by 2.9 percent in November after plummeting by 12.3 percent in the
previous month.
The report said orders for defense aircraft and parts soared by
31.5 percent in November following a 55.3 percent nosedive in
October. Orders for non-defense aircraft and parts also rebounded
strongly.
Excluding the rebound in orders for transportation equipment,
durable goods orders fell by 0.3 percent in November after rising
by 0.4 percent in October. Ex-transportation orders had been
expected to edge up by 0.2 percent.
The unexpected drop in ex-transportation orders came as
decreases in orders for machinery and electrical equipment,
appliances and components more than offset increases in orders for
primary metals and fabricated metal products.
The report also said orders for non-defense capital goods
excluding aircraft, a closely watched indicator of business
spending, fell by 0.6 percent in November after climbing by 0.5
percent in October.
"The latest surveys generally point to a rebound in capital
goods orders growth over the coming months," said Andrew Hunter,
Senior U.S. Economist at Capital Economics. "That said, corporate
borrowing costs have been rising quite sharply in recent weeks and,
with the Fed apparently set on continuing to gradually raise
interest rates, that trend looks to have further to run."
He added, "The upshot is that a return to the rapid pace of
business investment growth seen at the start of this year looks
unlikely."
The Commerce Department also said shipments of durable goods
increased by 0.7 percent in November after sliding by 0.4 percent
in October.
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