Recent Updates
- US: Consumer Credit, Wholesale Trade (Oct), Consumer Sentiment (Dec- prelim), Employment Situation (Nov)
- Global Sector PMI (Nov)
- US: Consumer Sentiment (Dec-prelim)
- Lebanon: Public Debt (Oct-Prelim)
- more updates...
Economy in Brief
U.S. Consumer Credit Usage Accelerates
Consumer Credit Outstanding increased $18.90 billion (4.8% y/y during October...
U.S. Wholesale Inventories Edge Up While Sales Slump
Wholesale inventories edged up 0.1% m/m (+3.8% y/y) in October...
U.S. Trade Deficit Shrinks as Imports Fall Sharply
The U.S. trade deficit in goods and services declined to $47.20 billion during October...
U.S. Factory Sector Orders Increase; Inventory Growth Decelerates
Factory orders improved 0.3% (-1.2% y/y) during October...
U.S. Initial Claims for Unemployment Insurance Fall to 7-Month Low
Initial claims for unemployment insurance fell 10,000 to 203,000 (-11.4% y/y) during the week ending November 30...
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% |