Sharp drop in US durable goods orders for October

Orders for goods made to last more than three years plumeted in October amid sharp drops in those for both civilian and military aircraft, although the underlying data was stronger.

According to the US Department of Commerce, total durable goods orders fell in October by 4.4% month-on-month to reach $248.52bn (consensus: -2.1%), weighed down by a 21.4% fall in non-defense aircraft and parts to $10.5bn and a 59.3% drop in defence aircraft and parts to $4.71bn.

Non-defense capital goods orders excluding aircraft, a closely-watched gauge of the underlying strength in durable godos orders, meanwhile were unchanged (consensus: 0.0%) versus September at $69.356bn.

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