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October's Economic Twists: Durable Goods Down, Unemployment Claims Beat Expectations

In October, new orders for manufactured durable goods, which have been down in three of the last four months, decreased by 5.4 percent, following a 4.0 percent increase in September. Excluding transportation, which was the main contributor to the decrease, new orders remained virtually unchanged. The number of Americans filing new claims for unemployment benefits came in lower than expected last week. It dropped 24,000 to a seasonally adjusted 209,000 for the week ended Nov. 18. Our take: Demand is softening marginally, but current data does not suggest a rapid slowdown in the labor market, making this cycle unique, especially considering the extensive monetary policy tightening we've experienced. Nothing in today's data which should derail the current rally.


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