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Financial News: U.S. Durable Goods Orders Rebound In November But

U.S. Durable Goods Orders Rebound In November But Miss Estimates

12/21/2018 - 09:18:00 (RTTNews)

(RTTNews) - 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. "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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