Skip to comments.Durables: Aw Crap Heh, this was a good report, right! (2,640.7% Increase Non defense aircraft?)
Posted on 10/25/2012 8:16:28 PM PDT by Snuph
ew orders for manufactured durable goods in September increased $19.6 billion or 9.9 percent to $218.2 billion, the U.S. Census Bureau announced today. This increase, up four of the last five months, followed a 13.1 percent August decrease. Excluding transportation, new orders increased 2.0 percent. Excluding defense, new orders increased 9.1 percent.
The table inside is amusing. Nondefense aircraft was up 2,640.7% on the month. No, I didn't spit coffee on my keyboard and short it out, that's really the number. And that might have something -- just a wee bit -- to do with the headline figure.
Computers, comms, and electrical gear were all down on new orders, and as you know my leading indicator for employment and the economy is in the computers and communications gear category. It sucks.
And non-defense, ex-aircraft capital goods were flat -- 0.0. That sucks too.
Motor vehicles were also down, although only 0.1% on shipments and 0.4% on orders -- but nonetheless, both declined.
The one bright spot is that there was a material increase in machinery orders, which had been down the last two months -- but this too is highly volatile and a one-time crack doesn't impress me much. Show me a trend for three months and I'll be interested in it.
Overall my assessment is that this one goes in the "sucks" bin, and does not imply any sort of material pickup in either general employment or manufacturing.
(Excerpt) Read more at market-ticker.org ...
I posted a report from Zero hedge, all Boeing.
More crap from the Ministry of Plenty.
Someone at Boeing must be drinking champagne this month.
ping me when you post please. We seem to be on the same page often.