Durable Goods Orders
The headline number for durables looked good for October but the core number notably disappointed.
Durables orders rebounded 0.4 percent in October after September’s decline of 0.9 percent. Market expectations were for a 0.5 percent decline.
The core fell 0.9 percent in October after a rise 0.2 percent the month before. Analysts projected a 0.5 percent gain for October. Transportation increased a monthly 3.4 percent after falling a monthly 3.3 percent in September.
MBA Purchase Applications
Data that are weekly are often subject to volatility, wild volatility in the case of the purchase index over the last two weeks which fell 10.0 percent in the November 21 week after surging 12.0 percent in the prior week. The trend, based on the 4-week average, is again clearly negative, at minus 10.0 percent year-on-year.
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