The U.S.
Commerce Department reported on Monday that the value of new factory orders decreased
by 0.4 per cent m-o-m in November 2024, following an upwardly revised 0.5 per cent m-o-m advance (from +0.2 per
cent m-o-m) in October. This marked the
steepest monthly drop in factory orders since August 2024 (-0.8 per cent
m-o-m).
Economists had forecast
a decline of 0.3 per cent m-o-m for November.
According to
the report, orders for durable goods fell
1.2 per cent m-o-m in November, primarily reflecting a -3.0 per cent m-o-m plunge
in transportation equipment. Meanwhile, orders for nondurable goods jumped by 0.4
per cent m-o-m.
Total factory
orders excluding transportation, a volatile part of the overall reading, increased
by 0.2 per cent m-o-m (compared to an upwardly revised 0.2 per cent m-o-m gain
(from +0.1 per cent m-o-m) in October), while orders for nondefense capital
goods excluding aircraft, a measure of business spending plans, rose by 0.4 per
cent m-o-m (compared to a 0.1 per cent
m-o-m slip in October and instead of surging by 0.7
per cent m-o-m as reported last month).