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Excluding defense, new orders decreased 1.2 percent. Transportation equipment, also down following three consecutive monthly increases, led the decrease, {down} $2.3 billion or 2.7 percent to $84.5 billion.”
New home sales also came in slightly lower than expected at a seasonally adjusted annual rate of 701,000 units in September, down 0.7% from August. Briefing.com reports “The key takeaway from the report is the weaker activity seen in sales of higher-priced homes, as that speaks to the affordability pressures presented by mortgage rates that went up in September. Remember, new home sales are recorded when a contract is signed not when the sale closes (as is the case for existing home sales).”
In other economic news last week, the U.S. budget deficit reportedly widened to -$984 billion for fiscal year 2019, the largest deficit since 2012. CNBC reports: “The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall. The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound in the second half of the year. Individual tax revenues rose 2% to $1.7 trillion.”
On a more positive note, consumer confidence levels remain elevated and the WSJ’s Daily Shot reports that “Buying climate is hitting record highs. Based on this signal, it should be a good holiday season for retailers.”