The 2020 Mid-Year Economic Update_long

New Orders for Durable Goods Decline in November

Cumulative year-to-date orders up 14 percent.

New orders for manufactured durable goods in November decreased $2.6 billion or 1.3 percent to $193.7 billion, according to the latest report from the U.S. Census Bureau. This decrease followed a 3.1 percent October decrease. Excluding transportation, new orders increased 2.4 percent. Excluding defense, new orders decreased 2.3 percent. Transportation equipment, down three of the last four months, had the largest decrease, $6.2 billion or 11.9 percent to $45.5 billion. This was due to nondefense aircraft and parts, which decreased $6.6 billion.

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\”With and without transportation, cumulative year-to-date orders are up by approximately 14 percent, suggesting that the U.S. manufacturing recovery remains on track and that factory output growth will continue into 2011,\” says Cliff Waldman, economist for the Manufacturers Alliance/MAPI. \”Nonetheless, the details of the November durable goods report, in tandem with other recent data, suggest that manufacturing growth will slow and that economic growth will remain moderate and insufficient to make a significant dent in the difficult U.S. unemployment burden.\”

Shipments of manufactured durable goods in November, also down three of the last four months, decreased $0.7 billion or 0.3 percent to $195.8 billion. This followed a 1.0 percent October decrease. Transportation equipment, down four consecutive months, had the largest decrease, $1.6 billion or 3.3 percent to $46.5 billion.

Unfilled orders for manufactured durable goods in November, up ten of the last eleven months, increased $3.4 billion or 0.4 percent to $825.7 billion. This followed a 0.7 percent October increase. Machinery, up ten consecutive months, had the largest increase, $2.1 billion or 2.0 percent to $106.3 billion.

Inventories of manufactured durable goods in November, up eleven consecutive months, increased $1.9 billion or 0.6 percent to $319.1 billion. This followed a 0.6 percent October increase. Transportation equipment, also up eleven consecutive months, had the largest increase, $1.1 billion or 1.3 percent to $84.3 billion.

Nondefense new orders for capital goods in November decreased $4.9 billion or 6.8 percent to $66.1 billion. Shipments decreased slightly to $64.8 billion. Unfilled orders increased $1.3 billion or 0.3 percent to $505.3 billion. Inventories increased $0.7 billion or 0.5 percent to $135.2 billion. Defense new orders for capital goods in November increased $1.2 billion or 16.3 percent to $8.8 billion. Shipments decreased $0.1 billion or 1.2 percent to $8.8 billion. Unfilled orders increased slightly to $139.4 billion. Inventories increased $0.4 billion or 2.0 percent to $17.7 billion.

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