US durable goods orders fall sharply in October

According to data from the US Census Bureau, the country’s new orders for manufactured goods in October plunged by 4.4% to $248.5 billion following a revised 0.1% decrease in September.

Excluding transportation equipment, new orders inched up by 0.1%, while new orders excluding defense equipment decreased by 1.2%. Transportation equipment drove the decrease, with a drop of 12.2% in October.

Shipments of manufactured durable goods were down by 0.6% to $254.5 billion following two consecutive months of increases. Transportation equipment led the decrease, with shipments falling by 1.8% to $87.6 billion.

Inventories of manufactured durable goods in October were virtually unchanged at $410.9 billion, following a 0.8% increase in September.