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Factory Orders Ex-Transports Decline For Second Month, Core CapEx Orders Drop 7.2% Annualized In Q3

Tyler Durden's picture





 

Following the disappointing delayed durable goods print from last week, it was expected that today's Factory orders number would disappoint as well, and sure enough, it did not disappoint... in that expectation. With consensus looking for a 1.8% increase in September for the headline number, the delayed September number came out at 1.7% for the headline, the 6th miss in the past 9 months, while the ex-transport factory goods print dropped -0.2% following the August ex transports falling -0.4%. In other words, it was all transports once again, reflecting the rebound in orders for civilian aircraft as China's excess capacity bubble now seems to include all Boeing aircraft from 737 to 787.

A notable surge was seen in the 18% rise in defense spending, offset however by a 23% drop in Mining - looks like that Caterpillar renaissance is once again delayed. This happened in the context of inventories of manufactured durable goods rising $3.1 billion or 0.8 percent to all time high $382.3 billion in September.

What is, however, worst for corporate capex however, is that the Census Bureau also reported that orders for capital goods ex air, i.e. core capex, fell an annualized 7.2% in Q3.

And now back to the recoveryless meltup.

 


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Mon, 11/04/2013 - 11:24 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Modern finance allows credit/money to be created out of thin air with the click of a button.  Unfortunately for these factories, the energy and commodities required to make these real products cannot (despite what that fascist douchebag Krugman says).

Mon, 11/04/2013 - 11:33 | Link to Comment Max Damage
Max Damage's picture

Nice vertical lift off on stocks on this shit data. Print Ben, print.......

Mon, 11/04/2013 - 11:44 | Link to Comment yogibear
yogibear's picture

Yellen and her 12 bankster stooges will double or triple QE. Maybe go Krugman and do $1 trillion/month.

Yes we can get the deficit up to $25 trillion in Obama's term.

Mon, 11/04/2013 - 11:53 | Link to Comment kralizec
kralizec's picture

Forward!

/

Mon, 11/04/2013 - 12:27 | Link to Comment SheepDog-One
SheepDog-One's picture

No problem! We got this new guy, Yellen, he's an old retread from the Clinton era....surely he'll fix everything!

Mon, 11/04/2013 - 14:28 | Link to Comment Uchtdorf
Uchtdorf's picture

That's Mr. Yellen to you, dawg.

Do NOT follow this link or you will be banned from the site!