Factory orders fell 0.6% in November, missing the low end of the forecast range as oil offset a solid 0.7% gain in durable goods. The consensus forecast came in at 0.2%, ranging from -0.5% to 1.0%.
New orders for manufactured goods, which have been down two consecutive months, fell $3.1 billion (0.6%) to $499.2 billion, the U.S. Census Bureau reported on Monday.
This follows a 2.1% decline in October.
Petroleum and coal products overall came in at ‐9.3, with petroleum refineries at -10.1. That offset a 16.9% gain in non-defense aircraft and parts in transportation.
Shipments, also down for two consecutive months, fell a near identifical $3.2 billion or 0.6% to $505.1 billion. That follows a 0.1% decline in October.
Unfilled orders, again down two consecutive months, fell $1.8 billion or 0.1% to $1,181.5 billion after declining 0.2% in October.
The unfilled orders‐to‐shipments ratio was 6.60, down from 6.68 in October.
Inventories, after twenty‐four consecutive monthly increases, fell $1.0 billion or 0.1% to $681.1 billion, following a 0.2% gain in October.
The inventories‐to‐shipments ratio was 1.35, up from 1.34 in October