Reflecting another steep drop in orders for transportation equipment, the Commerce Department released a report on Wednesday showing an unexpected decrease in new orders for U.S. manufactured durable goods in the month of October.
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.
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.