Durable Goods Orders
October's Durable Goods Orders kicked off this morning’s batch of economic data at 8:30 AM ET. The Commerce Department announced a larger than expected decline in new orders for products such as airplanes, appliances and electronics. Forecasts were calling for a 2.6% decline last month, but today’s release showed a 4.4% drop. This data is known to be quite volatile, so the size of the variance isn’t nearly as significant as it would be in other reports. However, a secondary reading that excludes costly and volatile airplane-related orders came in up 0.1%, short of the 0.4% that was expected. This indicates that the manufacturing sector may not have been as strong last month as many had thought, making the data good news for bonds and mortgage rates.