The Commerce Department said new orders for capital goods unexpectedly fell 0.5% in October. That was the biggest drop since September 2016. Strong business spending on equipment boosted manufacturing, orders for machinery increased 0.6%. Manufacturing accounts for 12% of the U.S. economy. Last month orders for electrical equipment, appliances and components climbed 0.8%.
The University of Michigan's survey of consumer attitudes for November rose to 98.5 in November. Expected changes in inflation rates for the following year, also tracked in the survey, are expected to creep up to 2.6 after landing at a 10-month low at 2.4 in October.
The Chicago Fed National Activity Index, an aggregate of over 80 economic indicators that attempts to paint an overall picture of the economy each month, posted its best number in October since January 2012. Strong data over the last month is also reflected in the Citi Economic Surprise Index, which measures the performance of economic data versus economist consensus expectations, which hit a multi-year high Wednesday, reaching its strongest level since early 2014.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.