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What does "Declining numbers of Durable goods orders & Transportation Equipment" mean to markets?
U.S. durable goods orders decline 1.2% on the month.
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The U.S. durable goods orders posted a surprising decline in orders for transportation equipment.
Data from the U.S. commerce department showed a decline for the month of October, surprising economists. The decline in the data came after September’s durable goods orders data showed a strong increase.
However, the declines were much stronger than expected.
Coming in below forecasts, the commerce department data showed that durable goods orders fell 1.2% on the month in October.
This came after September’s increase was further revised to show a 2.2% upward revision.
The decline in durable goods orders was a surprise as economists polled hoped that durable goods orders would rise 0.3% for October.
Excluding the decline in orders for transportation equipment, the headline durable goods orders rose 0.4% during the month. This was a 1.1% increase from September.
Excluding transportation orders, durable goods orders rose 0.5% on the month.
The data from the commerce department showed that the decline came due to lower orders for transportation equipment which fell 4.3% during the month.
This came after orders for transportation equipment rose 4.4% previously.
Orders for non-defence aircraft and parts showed a decline, falling 18.6% during the month. In the previous month, orders for non-defence aircraft and parts surged 33.9%.
There was some increase seen in the orders that excluded transportation equipment.
This came due to a rebound in orders for primary metals which showed an increase of 1.3% during the month.
This offset the decline of 0.5% seen previously. Orders for non defense capital goods that excludes aircrafts showed a decline of 0.5%.
This data underlined the fact that business investment declined in October after rising 2.1% in the previous month.