·
Durable goods orders unwound much of the prior month's strength with a
3.1% plunge in November. October orders were revised up to a 4.0% gain
from the advance report of a 3.3% jump. Consensus expectations had been
for a 1.0% rise in November.
· Excluding the volatile transportation sector durable goods orders unwound all of October's little-revised 3.0% jump. Orders for transportation equipment fell 1.6% (+6.1% y/y). Orders for nondefense aircraft fell 13.9% following a 20.6% October gain.
· Nondefense capital goods orders excluding aircraft and parts cratered 5.9% (+7.3% y/y) and gave back much of the strong gains in the prior two months.
· Orders for computers & related products dropped 10.8% (+11.9% y/y) but the prior month's decline was revised to a 2.6% gain. Orders for communication equipment evaporated in November, down 40.0% (-8.1% y/y). Electrical equipment orders fell 2.6% (-1.1% y/y).
· Shipments of durable goods rose 0.1% (+3.7% y/y) but the prior month's strength was revised down. Excluding transportation shipments fell 0.6% (3.7% y/y).
· Durable inventories resumed liquidation and fell 0.1% (-2.8% y/y) after the 0.3% October gain.
·
Initial claims for jobless insurance fell last week to 353,000. The prior
week's level was revised to 354,000 from 353,000 reported initially.
Consensus expectations had been for claims of 355,000.
·
The index of mortgage applications compiled by the Mortgage Bankers
Association fell 6.8% (-30.5% y/y) last week .
·
Sales of new single family homes fell 2.4%
in November to 1.082M (AR). It was the fourth decline in the last five
months and sales have fallen 9.8% from the record high in June. Consensus
estimates were for a lesser decline to 1.125M.