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On the radar: Boeing orders weak again in October, cancellations accelerate

Boeing reported 10 new orders for October, down 15 from the 25 in September. There were 5 orders from domestic buyers, 2 from foreign buyers, and 3 from unidentified buyers.

For 2019 to-date, Boeing has received gross new orders of 180. However, it has also gotten cancellations of 135 so far this year. That brings the net new orders down to 45 for the first 10 months of 2019. The current year is on track to be the worst for new new aircraft orders since 142 in the depths of the recession in 2019. It is not impossible that Boeing could manage to best that total if cancellations subside and if it receives a solid number of orders at the upcoming Dubai Airshow on November 17-21. However, given the troubles of the 737 MAX aircraft and the slowdown in global growth, that might well not materialize in spite of Dubai having been good to Boeing in recent years.

In the mean time, it looks like without a boost from transportation new orders for durable goods will remain weak in October when that data is released at 8:30 ET on Wednesday, November 27.  There may be some offset from orders for new motor vehicles after the end of the GM strike, but it won’t be enough to offset the decline in aircraft orders relative to the prior month.

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