US Durable Goods Orders Showed the Biggest Drop Since July 2017 in October
Orders for US capital goods fell in October. The Commerce Department reported that orders for durable goods dropped 4.4% last month. It was the third decline in the past four months. That was also the biggest drop since July 2017 and reflected a 12.2% decline in demand for transportation equipment. Economists had expected orders to slump by 2.5%.
Meanwhile, core capital goods orders were unchanged last month, after they were previously reported to have dipped 0.1% in September. Economists had forecast core capital goods orders rising 0.2% in October. On an annual basis, core capital goods orders increased 6.4%.
It was also reported, that shipments of core capital goods rose 0.3% in October after a downwardly revised 0.2% drop in September.