Factory orders slowed slightly more than expected, dipping 0.4% in October.
Estimates going into the number were calling for a 0.3% pullback in orders for October, down from a 0.3% increase in September. Part of that estimate was driven by the 0.7% decline in durable goods orders that we saw a couple weeks ago. But, factory orders include non-durable goods as well.
Factory orders is on a one-month lag that typically leads to investors using it as confirmation if the reading goes along with the current outlook, or will easily dismiss the report if orders go against their view.
Given the low impact nature of the report and relatively small figures, it was easily overshadowed by the EU news this morning, but another piece to the economic puzzle nonetheless.
