From a new orders standpoint, it’s another poor durable goods report.
Advance Report on Durable Goods New Orders and Shipments
Please consider the Advance Report on Durable Goods New Orders and Shipments for December.
New Orders
- New orders for manufactured durable goods in December, down four of the last five months, decreased $6.3 billion or 2.2 percent to $276.1 billion. This followed a 2.0 percent November decrease.
- Excluding transportation, new orders increased 0.3 percent.
- Excluding defense, new orders decreased 2.4 percent.
- Transportation equipment, also down four of the last five months, drove the decrease, $6.9 billion or 7.4 percent to $86.1 billion.
Shipments
- Shipments of manufactured durable goods in December, up following four consecutive monthly decreases, increased $2.6 billion or 0.9 percent to $287.4 billion. This followed a 0.2 percent November decrease.
- Transportation equipment, also up following four consecutive monthly decreases, led the increase, $2.5 billion or 2.8 percent to $93.2 billion.
Unfilled Orders
- Unfilled orders for manufactured durable goods in December, down following five consecutive monthly increases, decreased $6.4 billion or 0.5 percent to $1,396.2 billion. This followed a 0.2 percent November increase.
- Transportation equipment, also down following five consecutive monthly increases, drove the decrease, $7.1 billion or 0.8 percent to $898.6 billion.
Capital Goods
- Nondefense new orders for capital goods in December decreased $6.6 billion or 7.8 percent to $78.2 billion.
- Shipments increased $2.8 billion or 3.5 percent to $85.0 billion.
- Unfilled orders decreased $6.8 billion or 0.8 percent to $841.1 billion.
Revised November Data
- New orders down: $583.7 billion (revised from $586.1 billion);
- Shipments Down: $586.1 billion (revised from $586.3 billion);
- Unfilled Orders Down: $1,402.6 billion (revised from $1,404.8 billion)
- Total Inventories Up: $860.1 billion (revised from $859.3 billion).
Other than the increase in shipments, this was a miserable report.
Durable Goods New Orders Percent Change From a Year Ago
The Census Department notes “Figures are adjusted for seasonality, but not for inflation. Figures on new and unfilled orders exclude data for semiconductor manufacturing.“
Adjusted for inflation, year-over-year new orders are down across the board.
Meanwhile, A Great Tariff Experiment Is On Deck. Trump Repeats Threat of Universal Tariffs.
Good luck with that.
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