New Orders Drop Most Since July Led By Plunge In Defense
Despite a modest beat at the headline Factory Orders (-0.9% vs -1.0% expectation), this is still the largest drop in orders since July following a revision upward for last month.
- *U.S. OCT. DURABLES ORDERS DROP 1.6%; NON-DURABLES FALL 0.2%
Non-defense capital goods saw a 3.4% plunge (SA) - also the largest drop since July and defense capital goods orders tumbled 15.8% (from a 19.1% rise last month). The volatility and broken seasonality (due to the government shutdown) makes this series extremely noisy but overall, despite the modest beat, the trend is down notably.
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