After soaring in September (by the most in three years), on the back of a 92.5% MoM surge in non-defense aircraft spending, it is no surprise that durable goods orders were expected to decline MoM in preliminary October data released this morning.
Against expectations of a 3.2% MoM decline, early October data actually plunged 5.4% (and September’s 4.6% jump was revised down to +4.0%).
Source: Bloomberg
This dragged the YoY change for Durable Goods Orders down to just 0.9% (and that is nominal, not inflation-adjusted).
Core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, were little changed for a second month.
Defense aircraft spending fell 30.9% MoM (NSA), non-defense aircraft spending plunged 55% MoM (NSA), and overall defense orders fell 11.6% MoM (NSA)…
Source: Bloomberg
We’re gonna need more war…
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