The Census Bureau said that new factory orders edged down 0.1 percent in October, easing off ever-so-slightly after jumping by 1.2 percent and 1.7 percent in both August and September, respectively. In October, nondurable goods orders were up by 0.7 percent, with new sales for durable goods off 0.8 percent. The decline for durable goods in October stemmed largely from significant declines in defense and nondefense aircraft and parts orders, which can often be highly volatile from month to month. (The November numbers should rebound strongly on healthy airplane demand at the Dubai Airshow.) Excluding transportation equipment, new orders were up 0.8 percent in October, rising for the fourth consecutive month.
Overall, new factory orders – which have struggled mightily over the past couple years – have largely trended in the right direction more recently, up nearly 3.7 percent since October 2016, or 6.8 percent with transportation equipment sales excluded. Read More