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First Cut: November Durable Goods Orders move higher on aircraft

New orders for durables goods were up 0.8% in November from the prior month and unrevised at down 4.3% in October. The moderate increase was largely due to a solid up 2.9% for transportation where both nondefense and defense aircraft had gains (up 6.7% and up 31.5%, respectively. Orders for motor vehicles and parts were down 0.2%. The November headline was below expectations, but given the unpredictability of the series, should not prove to be too big a disappointment. The underlying trend for durables orders appears still strong with an up 8.2% year-over-year.

Core new orders – orders less civilian aircraft capital goods and defense capital goods – edged up 0.1%, but suggest orders were more stable after the swings in the prior two months.

Modest inventory building continued in November with a 0.3% rise, shipments were back on track at up 0.7%, and unfilled orders were only marginally lower at down 0.1%.

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