MarketWatch reported orders in November for long-lasting U.S. goods posted the greatest growth since July, led higher by transportation equipment the Commerce Department reported Friday. Despite the gain, analysts pointed out worse news for capital equipment.

According to the report, excluding transportation, durable-goods orders rose 0.3% in November. Orders for core capital goods, which exclude defense and aircraft, fell 1.2%. These core capital goods provide analysts with a gauge for investment by businesses.

Per the report, Jennifer Lee, senior economist at BMO Capital Markets, wrote in a research note, “Given that this component is a proxy for future capital spending, this is bad news. This can be explained, however. With the clock ticking on the depreciation tax credit (it turns into a pumpkin at midnight on NYE), most businesses had already made all of their investments in machinery and equipment throughout the year.”

The report also quotes Paul Ashworth, chief U.S. economist, in a research note saying,  “The upshot is that even if we see a rebound in capital goods shipments in December, it still looks like business investment in equipment stagnated in the fourth quarter as a whole, following a 16.2% jump in the third.”