Financial News: U.S. Durable Goods Orders Plunge 2.2% In October,

U.S. Durable Goods Orders Plunge 2.2% In October, More Than Expected

(RTTNews) - Reflecting a steep drop in orders for transportation equipment, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured durable goods fell by more than expected in the month of October.

The report said durable goods orders tumbled by 2.2 percent in October after climbing by an upwardly revised 0.7 percent in September.

Economists had expected durable goods orders to slump by 1.5 percent compared to the 0.5 percent increase that had been reported for the previous month.

The bigger than expected pullback by durable goods orders came as orders for transportation equipment plunged by 6.5 percent in October after rising by 0.6 percent in September.

Orders for non-defense aircraft and parts plummeted by 20.1 percent, while orders for defense aircraft and parts saw a 32.4 percent nosedive.

Excluding orders for transportation equipment, durable goods orders crept up by 0.2 percent in October after climbing by 0.7 percent in September. Ex-transportation orders were expected to rise by 0.3 percent.

The report showed notable increases in orders for computer and electronic products and machinery, while orders for electrical equipment, appliances and components fell sharply.

The Commerce Department also said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, rose by 0.5 percent in October after jumping by 1.1 percent in September.

Shipments in the same category, which is the source data for equipment investment in GDP, climbed by 0.7 percent in October after surging by 1.2 percent in September.

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