Preliminary October data showed that orders placed with U.S. factories for business equipment declined, and the prior month’s gain was revised lower, suggesting firms are more guarded about investment. September’s downward revision was attributed to a continued slump in orders for transportation equipment. Transportation orders fell 3.1 percent in September; excluding that number, the print gained 0.4 percent after climbing by 0.6 percent in August. Ex-transportation orders were expected to edge down by 0.1 percent.
In August 2024, new orders for manufactured %DurableGoods in the United States were virtually unchanged from the previous month. However, August’s revision from 0.0 percent month over month to -0.8 percent was the sixth month of the last seven that durable goods orders were revised lower. The manufacturing sector continues to be pressured by this slump amid a strong labor market and expansion in other sectors.
Durable goods orders are released monthly by the Census Bureau, representing new orders placed with domestic manufacturers for long-lasting, durable goods intended to last at least three years. The report includes information on new orders, shipments, inventories, and unfilled orders.
