U.S. durable goods orders dropped 4.4% in October
U.S. durable goods orders dropped 4.4% in October after September's 0.1% dip (revised from 0.7%), much weaker than expected. But, much of the decline was in transportation orders which fell 12.2% versus the prior 0.9% increase (revised from 1.9%). Excluding transportation, orders edged up 0.1% after sliding 0.6% (revised from 0.1%) previously. Nondefense capital goods orders excluding aircraft were flat after dropping -0.5% previously (revised from -0.1%). A gain in this component hasn't been posted since July. October shipments declined 0.6% last month following September's 1.0% pop (revised from 1.2%). Nondefense capital goods shipments ex-aircraft were up 0.3% from -0.2% (revised from unchanged). Inventories were unchanged after rising 0.8% (revised from 0.7%). The inventory-shipment ratio was steady at 1.61 (revised from 1.60).