Durable Goods New Orders Increase for First Time in 9 Months

New orders for real durable goods totaled $232,842 million in November. This was 2.8% more than one year ago, making November the first month of growth since February 2020 and just the second since January 2019. There was strong growth in total capital goods, motor vehicles and parts, appliances, computers and electronics, construction machinery, and ships and boats.

The result was that the annual rate of change contracted 8.5%, which was the third consecutive month of decelerating contraction. This was the slowest rate of contraction since April 2020. Consumer durable goods spending is growing extremely fast with month-over-month growth faster than 11% for six months in a row, which is the first time that has happened since 1999. Consumer durable goods spending is confirming a bottom in the rate of contraction in durable goods new orders has occurred. 

Accelerating Growth: appliances, computers/electronics, ship/boat building

Decelerating Growth: 

Accelerating Contraction: aerospace, machinery/equipment, ​​​​oil/gas-field/mining machinery, power generation

Decelerating Contraction: construction materials, durable goods, fabricated metal products, HVAC, motor vehicle/parts, off-road/construction machinery, primary metals, total capital goods

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