logo

US Long-lasting Goods Orders Plummet, Weekly Jobless Claims Decrease

US Long-lasting Goods Orders Plummet, Weekly Jobless Claims Decrease

October's durable goods orders declined by 5.4%, surpassing expectations, demonstrating greater decline than anticipated.

Highlights

  • Orders for durable goods fall by 5.4%, exceeding predictions.
  • The number of initial unemployment claims decreases to 209,000.
  • The transportation sector is the primary contributor to the downturn in durable goods.  

In the October 2022 Durable Goods Report, new orders for manufactured durable goods dropped by $16.0 billion or 5.4% to $279.4 billion, marking a notable decline in three of the last four months, surpassing the anticipated 3.2% decrease. Excluding transportation, new orders remained practically unchanged, indicating that the overall decrease was heavily influenced by the transportation sector. Excluding defense, new orders experienced a 6.7% decline, primarily driven by a significant drop in transportation equipment orders, down 14.8% to $92.1 billion.

Regarding the Weekly Initial Claims Report for the week ending November 18, there was a decrease in seasonally adjusted initial claims to 209,000, down 24,000 from the prior week. The figure was lower than the anticipated 226,000 new claims. The 4-week moving average also showed a slight decrease to 220,000, reflecting an overall downward trend in initial claims. While the seasonally adjusted insured unemployment rate remained steady at 1.2%, the number of seasonally adjusted insured unemployment decreased to 1,840,000 during the same week, but the 4-week moving average for insured unemployment rose to 1,836,750.

In summary, the durable goods sector experienced a significant downturn primarily driven by decreases in transportation equipment orders, while the labor market demonstrated resilience with a decrease in initial unemployment claims. These contrasting movements underline the intricate and multi-dimensional nature of the current economic environment.  

Comment (0)
Show more

Post Your Comment

user
user
email

Newsletter Subscription

Subscribe to our daily newsletter and get the best forex trading information and markets status updates

Stay With Us
Currency Exchange
1.00 USD = 0.67 GBP
FIXIO Home Home FIXIO Deposit Deposit
FIXIO Promotion Promotion FIXIO Support FAQ
Telegram WhatsApp Instagram X X (Twitter)
-->