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.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/YI13FGRkrrU/story01.htm Tyler Durden