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Thursday, January 26, 2023 4:33:15 PM EST

Durable Orders Updated 26-Jan-23 09:39AM ET

Durable goods orders in December increased 5.6% month-over-month ( consensus 2.9%) following an upwardly revised 1.7% decline (from -2.1%) in November, bolstered by a 115.5% increase in nondefense aircraft and parts orders.

Excluding transportation, durable goods orders were down 0.1% month-over-month ( consensus -0.2%) following a downwardly revised 0.1% increase (from +0.2%) in November.

New orders for primary metals decreased 0.3% month-over-month after declining 0.2% in November.

New orders for machinery were down 1.7% month-over-month following a 0.5% decline in November.

New orders for fabricated metal products jumped 0.3% month-over-month after declining 0.1% in November.

New orders for computers and electronic products declined 0.6% month-over-month after increasing 0.5% in November.

The key takeaway from the report is that overall manufacturing activity was actually quite subdued in December, evidenced by the 0.2% decline in nondefense capital goods orders excluding aircraft, which is a proxy for business spending.
Total Durable Orders5.6%-1.7%0.7%0.2%0.2%
Less Defense6.3%-2.3%0.4%1.3%-0.3%
Less Transport-0.1%0.1%0.1%-0.9%0.1%
Capital Goods15.8%-4.5%1.4%0.5%0.3%
Nondefense/nonaircarft (core cap gds)-0.2%0.0%0.3%-0.7%0.9%
Defense Cap Goods-2.8%8.2%4.2%-16.6%8.4%