Durable Goods Up 5.3% in November

New orders for manufactured durable goods in November, up three of the last four months, increased $16.4 billion or 5.3% to $323.8 billion, the U.S. Census Bureau announced on January 26, 2026.

This followed a 2.1% October decrease.

Transportation equipment, also up three of the last four months, led the increase, $15.3 billion or 14.7% to $119.3 billion.

Excluding transportation, new orders increased 0.5%.

Excluding defense, new orders increased 6.6%.

“Firming domestic and foreign demand, investment incentives from last year’s OBBBA, deregulation, loose financial conditions and continued AI investment will lift orders and shipments,” writes Nationwide Financial Market Economist Oren Klachkin of this morning’s November durable goods report. “While uncertainty has stayed high in early 2026, we expect a moderation this year to support capital spending as well.”

He offered the following analysis.

·      Total durable goods orders soared 5.3% in November, more than unwinding October’s decline. Outside surging transportation orders, which drove the rise, the report shows business equipment spending is picking up steam, with AI investment leading the capex increase.

·       After lagging the broader economy for much of last year, durable goods activity appears to be breaking out —an encouraging signal for the road ahead. Core orders and shipments posted gains in November. Our tracker points to another sequential rise in real equipment spending in Q4 2025, supporting robust real GDP growth of 4% annualized.

·       We see scope for robust AI-related capital spending and a broadening of investment beyond AI to support stronger durable goods activity in 2026. Firming domestic and foreign demand, investment incentives from last year’s OBBBA, deregulation, loose financial conditions and continued AI investment will lift orders and shipments. Elevated uncertainty was a key constraint on business investment in 2025. While uncertainty has stayed high in early 2026, we expect a moderation this year to support capital spending as well.