U.S. durable-goods orders slump 2% in November
The numbers: Orders for durable goods sank 2% in November, the U.S. government said Monday. This is the biggest decline since May.
Economists had expected a strong 1% rebound in durable-goods orders in November as a result of the end of the General Motors GM, -0.03% strike. But orders were dragged down by weaker demand in the defense sector.What happened: Orders for defense aircraft and parts plummeted 72.7% in November. Stripping out defense goods, orders were up 0.8%.
Orders for total transportation equipment fell 5.9% in November. Orders for cars and parts rose 1.9%. Excluding transportation, orders were flat. Core capital goods was a bright spot, posting a second straight monthly gain, although it was a small 0.1% increase.Big picture: The outlook for manufacturing remains grim, as business sentiment is sluggish, the outlook for profits is soft, and global trade flows shrink given ongoing uncertainty.Greg Robb Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
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