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Reflecting a sharp pullback in orders for transportation equipment, the Commerce Department released a report on Wednesday showing an unexpected drop in new orders for U.S. manufactured durable goods in the month of October.
The Commerce Department said durable goods orders tumbled by 1.2 percent in October after surging up by an upwardly revised 2.2 percent in September.
The decrease surprised economists, who had expected orders to edge up by 0.3 percent compared to the 2.0 percent increase that had been reported for the previous month.
Excluding a steep drop in orders for transportation equipment, durable goods orders rose by 0.4 percent in October after jumping by 1.1 percent in September. Ex-transportation orders had been expected to climb by 0.5 percent.
