U.S. durable goods orders unexpectedly drop
The report said durable goods orders fell by 0.5 percent in October following a 0.4 percent drop in September. The decrease surprised economists, who had expected durable goods orders to rise by 0.2 percent.
The unexpected dip in durable goods orders came as orders for transportation equipment slumped by 2.6 percent in October after tumbling by 2.8 percent in September.
Orders for aircraft and parts led the way lower, with orders for commercial aircraft and parts plunging by 14.5 percent and orders for defense aircraft and parts plummeting by 21.8 percent.
Excluding the continued decline in orders for transportation equipment, durable goods orders rose by 0.5 percent in October after climbing by 0.7 percent in September. The increase matched economist estimates. ■