Economy

Economic Data Roundup (11/22/2017)

11/22/17 12:00 PM

iStock-500455316-1.jpgA new report from the Census Bureau showed that orders for U.S.-manufactured durable goods (items meant to last at least three years) fell in October by $2.8 billion (1.2 percent) to $236.0 billion. That was much worse than the 0.4 percent gain economists had expected but due largely to a sharp decline in aircraft orders.

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“Core” durable goods orders, which exclude the volatile transportation component, rose by 0.4 percent in October, in line with expectations and enough to keep the annual pace of growth positive for the 13th month in a row. Slightly less encouraging were orders for nondefense capital goods excluding aircraft, i.e. core capital expenditures, an important proxy for U.S. business investment. This gauge fell 0.5 percent in October, the largest drop in roughly a year and significantly worse than anticipated. However, some of that weakness was simply a side effect of the sharp upward revision to the September data, and the annual pace of growth in October still printed the 2nd-highest reading since 2012.

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Sources: Econoday, U.S. Census Bureau, ZH, FRBSL

Post author: Charles Couch