US October factory orders -2.1% vs -2.0% expected

October 2018 US factory orders and revisions to durable goods orders

• Prior was +0.7% (revised to +0.2%)

• Ex transport +0.3% vs +0.4% prior (revised to +0.1%)

The downward revisions are the story here.

Durable goods orders revisions

• Durable goods orders -4.3% vs -2.4% expected

• Durable goods orders initially reported down 4.4% vs -2.6% expected

• Prior durable goods orders +0.7%

• Capital goods orders non-defense ex air 0.0% (unrevised) vs -0.5% prior

• Capital goods shipments nondefense ex air +0.3% vs +0.3% prior

The changes to durable goods orders are small.

Overall, this is a disappointing read on the US economy but it's balanced by an upbeat ISM non-manufacturing report released at the same time.