- by New Deal democrat
In the category of updated but stale data, yesterday manufacturers’ durable goods orders were released for October. The headline number declined -2.2% to close to a post-pandemic record, while the core capital goods number increased 5.3%:
Even though it declined, the three month average of capital goods orders was higher than at any point since the pandemic except for the May-July period of last year.
This is - or perhaps more accurately, was - good news. It certainly indicates that through three months ago the general trend of durable goods activity continued to be positive. But the monthly regional Fed reports of manufacturers new orders were also improving through that period, before fading in the past month or two.
So, one “hurrah!” for the good number, but as old news it has little use at this point going forward.
