The publication of the durable goods orders reports from the United States earlier this afternoon revealed a mixed sentiment regarding the manufacturing sector of the world’s largest economy. The nominal figure came in with a reading slightly below forecasts with a 0.8% contraction. The core reading, however, beat forecasts with optimistic growth.
The core reading measures the same level of orders as the nominal reading, but excludes transportation items due to their heightened level of volatility. The core reading revealed a 1.7% increase in durable goods orders for October. This reading, which tends to have greater impact, gave several traders reason to be optimistic, but the downturn in transportation orders sends mixed signals about the direction of American manufacturing.
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