U.S durable goods orders soar in October

According to data from the US Commerce Department, durable goods orders increased by 4.8% on a monthly basis in October and exceeded economists’ initial estimates which were calling for an increase of 2.7% in a survey by The Wall Street Journal.

This was the largest increase over the year, primarily stemming from the increasing demand for civilian aircrafts, the report indicates. Demand for many segments increased as well by 1% when orders related to transportation are excluded. Meanwhile orders not including defense rose 5.2%.

Along with this increase in October, orders have increased for the fourth consecutive month. This was interpreted as a sign the U.S. factory sector has begun to stabilize.