New orders for manufactured goods totaled $543.3 billion in November 2022, down 1.8% from October 2022, according to data provided by the U.S. Census Bureau on Jan. 6.
It’s a significant drop that follows three consecutive monthly increases, including a 0.4% October increase. The 1.8% decrease outpaced the 0.8% drop economists polled by Reuters had forecast for November. Despite the month-to-month decrease, factory orders increased 12.2% year-over-year.
The decline in factory orders was led by a 6.3% drop in bookings for transportation equipment, following a 1.9% increase in October. Transportation equipment orders were wracked by a 36.4% plunge in orders for civilian aircraft, according to the data. Orders for defense aircraft also took a hit, falling 8.6%.
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It’s a significant drop that follows three consecutive monthly increases.
