Updated: 04-Feb-19 10:32 ET
| November Factory Orders |
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| Updated: 04-Feb-19 10:32 ET |
Highlights
- Factory orders declined 0.6% in November (Briefing.com consensus +0.3%) on the heels of a 2.1% decline in October.
- Excluding transportation, orders were down 1.3% in November following a 0.2% increase in October.
Key Factors
- New orders for manufactured durable goods increased 0.7% after declining 4.3% in October.
- New orders for manufactured nondurable goods declined 1.9% after increasing 0.1% in October.
- Shipments of manufactured goods also declined 0.6% in December after declining 0.1% in October.
- The inventory-to-shipments ratio increased to 1.35 from 1.34 in October.
Big Picture
- The key takeaway from the report is that it showed a drop in business investment in November, evidenced by the 0.6% decline in new orders for nondefense capital goods excluding aircraft. That raises the potential for a further decline in December since the November softness preceded the big market sell-off in December and the start of the partial government shutdown in January that were drags on business confidence.
| Category | NOV | OCT | SEP | AUG | JUL |
| Factory Orders | -0.6% | -2.1% | 0.2% | 2.6% | -0.5% |
| Less Defense | -1.1% | -0.6% | -0.4% | 1.5% | -0.2% |
| Durable Goods | 0.7% | -4.3% | 0.0% | 4.7% | -1.2% |
| Nondurable Goods | -1.9% | 0.1% | 0.5% | 0.6% | 0.1% |
| Unfilled Factory Orders | -0.1% | -0.2% | 0.7% | 0.9% | 0.1% |
| Factory Shipments | -0.6% | -0.1% | 0.7% | 0.7% | 0.0% |
| Factory Inventories | -0.1% | 0.2% | 0.6% | 0.1% | 0.9% |
| Inventory/Shipment Ratio | 1.35 | 1.34 | 1.34 | 1.34 | 1.35 |
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