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Mix-Ansicht- Durable Goods -0,4% - CRASH_GURU, 24.11.2004, 16:02
Durable Goods -0,4%
-->Durable goods orders fell 0.4 percent in October, a surprising decline in an always volatile report. Disappointment will be offset by a sharp upward revision to September (+0.9% to +0.2%) as well as continued good readings inside much of the report.
Yet declines in October were broad based: computers & electronics down 5.7 percent, electrical equipment down 3.5 percent, primary metals down 2.0 percent.
Capital goods orders slipped 0.3 percent but were especially weak, down 3.3 percent, excluding an unusual jump in defense. Military spending had a big impact on the month's results as total new orders, excluding defense, fell a much steeper 1.5 percent.
Transportation orders skewed the report higher, rising 0.3 percent. Excluding transportation, total new orders fell 0.7 percent in the month.
Total inventories rose 0.5 percent in the month, up from 0.3 percent in September. Inventories remain lean but further increases, if combined with further declines in new orders, will reawaken concern of over-stocking.
Total shipments were a positive in October, rising 0.6 percent following a 1.1 percent decline in September. Shipments rose in most categories, including a 3.0 percent rise in capital goods which also saw a 0.8 percent rise in unfilled orders.
Total unfilled orders were another positive, rising 0.6 percent.
Wednesday's data contrast with the sharp improvement posted last week in the Federal Reserve's industrial production report, but they do fall in line with slowing readings in the ISM manufacturing survey and recent declines in factory payrolls and workweek.
Durable goods data point to slowing growth in the nation's manufacturing sector, not a surprise but not good news given still high levels of unemployment. The report may help the bond market and may hurt the dollar and the stock market.
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