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Financial News: U.S. Durable Goods Orders Jump 1.3% In October,

U.S. Durable Goods Orders Jump 1.3% In October, More Than Expected

11/25/2020 - 09:56:00 (RTTNews)

(RTTNews) - New orders for U.S. manufactured durable goods increased by more than expected in the month of October, the Commerce Department revealed in a report on Wednesday.

The Commerce Department said durable goods orders jumped by 1.3 percent in October after spiking by 2.1 percent in September. Economists had expected durable goods orders to climb by 0.9 percent.

Excluding an increase in orders for transportation equipment, durable goods orders still surged up by 1.3 percent in October after jumping by 1.5 percent in September. Ex-transportation orders were expected to rise by 0.4 percent.

The report showed significant increases in orders for computers and electronic products and fabricated metal products.

Orders for non-defense capital goods excluding aircraft, a key indicator of business spending, also rose by 0.7 percent in October after spiking by 1.9 percent in September.

A separate report released by the Commerce Department on Wednesday showed the spike in gross domestic product in the third quarter was unrevised from the initial estimate.

The Commerce Department said GDP skyrocketed by an annual rate of 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. The unrevised reading on GDP matched economist estimates.

The report said upward revisions to non-residential fixed investment, residential fixed investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and consumer spending.

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