- Prior month -3.4% revised from -3.6% previously reported
- Durable goods orders 5.4% vs 5.4% preliminary. Last month -5.1%
- Durable goods ex defense 6.5% vs 6.5% preliminary. Last month -6.4%
- Non defense Cap ex air 0.4% vs 0.5% preliminary. Last month -0.6%
- Ex Transportation 0.1% vs -1.3% last month (was -1.2%).
- Shipments rose 0.5% after falling -1.3% in October.
- Unfilled orders, up 11 of 12 months, increased $17.1B or 1.3%. In October it increased 0.4%
- Inventories, up five consecutive months, increased $0.6 billion or 0.1 percent to $857.1 billion. This followed a virtually unchanged October increase. The inventories-to-shipments ratio was 1.48, unchanged from October.
It is hard to interpret the data as it is impacted by large ticket items. However, orders are up 3 of the last 4 months.
More focus is being put on the ISM services which is more timely and was weak. The USD is moving sharply lower on the decline and US yields are now lower on the day after being up 10 basis points in the 10 year up to 4.101%. The 10 year yield is now trading at 3.96% down -3.0 basis points.