{"id":235227,"date":"2025-11-26T12:00:10","date_gmt":"2025-11-26T17:00:10","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=235227"},"modified":"2025-11-27T03:24:51","modified_gmt":"2025-11-27T08:24:51","slug":"durable-goods-orders-tracking-manufacturing-and-business-investment","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-investmentor\/durable-goods-orders-tracking-manufacturing-and-business-investment\/","title":{"rendered":"Durable Goods Orders: Tracking Manufacturing and Business Investment\u00a0"},"content":{"rendered":"\n<p>Durable goods orders offer one of the earliest&nbsp;reads&nbsp;on&nbsp;manufacturing health and business confidence. This monthly report tracks new orders placed with&nbsp;US&nbsp;manufacturers for goods designed to last at least three years&nbsp;like&nbsp;aircraft, machinery, computers, appliances, and vehicles. Because businesses typically order these big-ticket items when&nbsp;they&#8217;re&nbsp;confident about future demand, durable goods orders serve as a forward-looking indicator: a surge in orders today often translates to production, employment, and growth months down the road.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-the-volatility-problem-nbsp\"><strong>Understanding the Volatility Problem<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The biggest challenge with durable goods data is extreme month-to-month swings, particularly from transportation:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Headline durable goods orders<\/strong>&nbsp;include everything, but&nbsp;aircraft&nbsp;orders can move wildly. A single large order from an airline for 50 planes can add billions to one month&#8217;s figure, followed by nothing the next. Defense orders for military equipment create similar volatility.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Core capital goods orders (nondefense capital goods excluding&nbsp;aircraft)<\/strong>&nbsp;strip out both defense and&nbsp;aircraft&nbsp;to reveal the underlying trend in business investment. This measure focuses on the equipment and machinery businesses buy to expand capacity \u2014 industrial equipment, computers, production&nbsp;machinery.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>For anyone tracking the business cycle, core capital goods orders matter most.&nbsp;They&#8217;re&nbsp;a leading indicator of business confidence and future GDP growth. Sustained increases suggest companies are investing in expansion; persistent declines can signal an approaching slowdown.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-september-s-numbers-modest-gains-mask-mixed-signals-nbsp\"><strong>September&#8217;s Numbers: Modest Gains Mask Mixed Signals<\/strong>&nbsp;<\/h2>\n\n\n\n<p>New orders for manufactured durable goods in September rose 0.5% to&nbsp;$313.7 billion, marking the second consecutive monthly increase. This followed a strong 3.0% August gain. Beneath the headline, the details reveal a more nuanced picture:&nbsp;<\/p>\n\n\n\n<p><strong>Key movements:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transportation equipment: +0.4% to&nbsp;$110.7 billion&nbsp;(led the increase)&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Orders excluding transportation: +0.6%&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Orders excluding defense: +0.1%&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shipments: +0.1% to&nbsp;$307.7 billion&nbsp;(machinery drove the gain, +1.4%)&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Unfilled orders: +0.7% to&nbsp;$1,489.7 billion&nbsp;(14th increase in 15 months)&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>What stands out is that while headline orders look steady, the strength was concentrated in transportation. Strip that out and the gain was similar at 0.6%, suggesting modest but broad-based momentum. The real concern&nbsp;emerges&nbsp;in the capital goods details.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-capital-goods-a-worrying-split-nbsp\"><strong>Capital Goods: A Worrying Split<\/strong>&nbsp;<\/h3>\n\n\n\n<p>The breakdown between defense and nondefense capital goods tells different stories:&nbsp;<\/p>\n\n\n\n<p><strong>Nondefense capital goods orders:<\/strong>&nbsp;-0.9% to&nbsp;$94.0 billion&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shipments: -1.2% to&nbsp;$88.3 billion&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Inventories: -0.6% to&nbsp;$247.2 billion&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Defense capital goods orders:<\/strong>&nbsp;+23.0% to&nbsp;$19.7 billion&nbsp;(a massive surge)&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shipments: +1.7% to&nbsp;$15.6 billion&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Unfilled orders: +2.0% to&nbsp;$209.7 billion&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"669\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-1100x669.png\" alt=\"\" class=\"wp-image-235229 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-1100x669.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-700x426.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-300x182.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-768x467.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-1536x934.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/11\/Chart_Durable-Goods-11-26-25-2048x1246.png 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/669;\" \/><\/figure>\n\n\n\n<p>This split matters significantly. Nondefense orders reflect private sector business investment decisions&nbsp;such as&nbsp;companies buying equipment because they expect demand. That 0.9% decline suggests businesses may be pulling back on expansion plans. Meanwhile, the 23.0% defense surge reflects government procurement, which follows different drivers like geopolitical priorities rather than organic economic momentum.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-unfilled-orders-and-inventories-signal-nbsp\"><strong>What Unfilled Orders and Inventories Signal<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Beyond new orders, two other metrics deserve attention:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Unfilled orders (backlogs)<\/strong>&nbsp;rose 0.7% to&nbsp;$1,489.7&nbsp;billion,&nbsp;the 14th increase in 15 months. This growing backlog, driven&nbsp;largely by&nbsp;transportation equipment (+1.0%), suggests manufacturers have&nbsp;work&nbsp;lined up for months ahead \u2014 a positive signal for sustained production.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Inventories<\/strong>&nbsp;declined 0.1% to&nbsp;$589.8 billion&nbsp;for the second straight month, with transportation equipment down 0.8%. Falling inventories alongside rising backlogs typically&nbsp;indicate&nbsp;strong demand that&#8217;s outpacing production capacity, though it can also reflect supply chain constraints.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-takeaway-nbsp\"><strong>The Takeaway<\/strong>&nbsp;<\/h2>\n\n\n\n<p>September&#8217;s durable goods report shows headline strength masking underlying&nbsp;weakness&nbsp;in business investment. Total orders rose 0.5%, but the core signal,&nbsp;nondefense capital goods excluding&nbsp;aircraft,&nbsp;declined 0.9%, suggesting private sector companies are&nbsp;hesitating on&nbsp;expansion spending. The massive 23.0% jump in defense orders propped up the overall numbers but&nbsp;doesn&#8217;t&nbsp;reflect broader economic confidence.&nbsp;<\/p>\n\n\n\n<p>The growing backlog of unfilled orders (up 0.7%) and declining inventories provide some optimism that manufacturers have sustained work ahead, particularly in transportation. But for those tracking business cycle signals, the pullback in nondefense capital goods is noteworthy. Business investment in productive equipment tends to&nbsp;lead&nbsp;economic activity, and when companies stop buying machinery and computers, it often signals caution about future demand.&nbsp;<\/p>\n\n\n\n<p>To learn more about how Durable Goods impact you download\u00a0<a href=\"https:\/\/ibkrinvestmentor.com\/\">IBKR InvestMentor<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Durable goods orders offer one of the earliest\u00a0reads\u00a0on\u00a0manufacturing health and business confidence.<\/p>\n","protected":false},"author":1351,"featured_media":211014,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20769,18,6,8,9,26,3],"tags":[],"contributors-categories":[20768],"class_list":{"0":"post-235227","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-investmentor","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"contributors-categories-ibkr-investmentor"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Durable Goods Orders: Tracking Manufacturing 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