Not all that long ago, I reported that there was no real joy expected from Factory Orders. They were down overall 0.9% for October, and it was expected that they would be absolutely flat for November.
Well, that fairly bleak expectation has been blown out of the water. Overall, factory orders increased by 0.7% in November (with October's factory orders being revised upwards to only a 0.7% decrease). Here's the breakdown:
- New orders for manufactured durable goods were down 0.3%, following October's 3.1% decrease
- Transportation equipment orders were down 11.1%
- Manufactured nondurable goods orders were up 1.7%. This helped buoy up the overall orders, because this represents a total of $228.2 billion in new orders (nearly as much as the other two categories put together).
Shipments as a whole were up 0.8% (following October's 0.4% increase), unfilled orders were up 0.6% (following October's 0.7% increase), and inventories were up 0.8% (following October's 1.1% increase).
Still no word on domestic vehicle sales.