MBS MID-DAY: Off The Lows, But Disconcertingly Weaker On The Day

– Factory Orders +0.0 vs +0.4 forecast, +0.8 previously
– Market reaction: This is the less important of the two 10am data-sets, and being a November report, less timely than ISM Non Manufacturing. Strength in the ISM report is generally outweighing the weakness here in Factory orders, though the miss perhaps help to contain what otherwise might be a more pronounced move lower in price for bond markets.

New orders for manufactured goods in November, up
four of the last five months, increased $0.2 billion to
$477.6 billion, the U.S. Census Bureau reported today.
This followed a 0.8 percent October increase. Excluding
transportation, new orders increased 0.2 percent.

Shipments, up four of the last five months, increased
$2.0 billion or 0.4 percent to $483.7 billion. This
followed a 0.3 percent October increase.

Unfilled orders, up five of the last six months,
increased $1.1 billion or 0.1 percent to $984.5 billion.
This followed a 0.3 percent October increase. The
unfilled orders-to-shipments ratio was 6.14, down from
6.23 in October.

Inventories, down two consecutive months, decreased
slightly to $615.2 billion. This followed a slight October
decrease. The inventories-to-shipments ratio was 1.27,
down from 1.28 in October.

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/289997.aspx

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