Recent Updates

  • UK: UK Finance Mortgage and Consumer Lending (Jun)
  • Taiwan: Banking Deposits (Jun)
  • U.A.E.: Abu Dhabi GDP (Q1)
  • South Africa: CPI (Jun)
  • Saudi Arabia: WPI (Jun)
  • more updates...

Economy in Brief

U.S. Durable Goods Orders Fell
by Tom Moeller November 24, 2004

Durable goods orders fell 0.4% in October led lower by declines in orders for motor vehicles and capital goods. A 0.5% gain in orders had been the Consensus expectation.

Nondefense capital goods orders dropped 3.3% as orders for computers & electronic products were dragged 5.7% (+3.7% y/y) lower by a 10.3% (+7.0% y/y) decline in orders for computers. Electrical equipment & appliance orders also were down by 3.5% (+2.2% y/y), the second consecutive monthly decline.

Transportation equipment orders rose 0.3% but the gain was wholly due to a 35.2% (-17.2% y/y) spurt in defense aircraft. Motor vehicle & parts orders fell 2.8% (-3.2% y/y) and nondefense aircraft orders fell 0.4% (-1.6% y/y) following huge declines during the prior two months. Durable goods orders less transportation fell 0.7% (+9.6% y/y).

Orders for machinery were again quite strong logging a 3.7% m/m gain (+24.7% y/y). fabricated metals orders also rose by 3.1% (+13.1% Y/Y).

Unfilled orders rose 0.6% (8.6% y/y) but the ratio of backlogs to shipments fell.

Inventories of durable goods 0.5% (6.5% y/y). The inventory to shipment ratio was about stable at 1.39, up from the low of 1.35 in March but well down from the highs near 1.7 in 2001.

NAICS Classification Oct Sept Y/Y 2003 2002 2001
Durable Goods Orders -0.4% 0.9% 5.7% 2.6% -1.7% -10.5%
Nondefense Capital Goods -3.3% 3.0% 5.1% 5.6% -7.2% -15.5%
Excluding Aircraft -3.6% 5.2% 6.2% 6.6% -7.1% -12.9%
close
large image