In October, U.S. orders for manufactured durable goods — products meant to last at least three years — sunk 5.4% ($16 billion) from September, according to the Census Bureau’s monthly advance report issued Nov. 22. That figure was a stark reversal from September’s revised 4.0% increase (originally 4.7%), and the second considerable drop in four months, and only July’s 5.6% decline was larger over the past 12 months. August was essentially flat at -0.1%.
Economists polled by the Wall Street Journal had forecast a 3.4% October decline.
Transportation and defense orders weighed heavily on October’s figures. Excluding transportation, new orders were virtually unchanged from September. Excluding defense, new orders decreased 6.7%.
Bureau data showed that transportation equipment, down three of the past four months, drove the overall decrease, with that category down 14.8% month-to-month, swinging from an 11.6% rise in September.
New orders for nondefense capital goods excluding aircraft fell 0.1% in October.
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