U.S. durable goods orders surged 4.8% in October
U.S. durable goods orders surged 4.8% in October following a 0.4% September gain (revised from -0.1%). The 0.3% August gain was bumped down to 0.2%. Transportation orders jumped 12.0% versus a prior 0.7% gain (revised from -0.8%). Excluding transportation, orders increased 1.0% from the prior 0.2% gain, Nondefense capital goods excluding aircraft rose 0.4% following September's 1.4% drop (revised from -1.2%). Shipments rose 0.1% after jumping 0.8% previously, with nondefense capital goods shipments excluding aircraft edging up 0.2% from 0.4% (revised from 0.3%). Inventories were flat, as they were in September (revised from 0.1%). The report is better than expected and should pressure Treasury yields and stocks higher.