WASHINGTON – Durable goods orders dropped 3.3% in October, the largest decline since January 2009, the Commerce Department reported Wednesday.
Orders excluding transportation goods fell 2.7%, the largest drop since March 2009. New orders excluding defense spending slumped 2.1%.
Economists expected durable goods would be flat for the month with orders excluding transportation increasing 0.6%, according to the median estimate from Thomson Reuters.
Durable goods orders for September were revised higher. Total goods orders increased 5.0% for the month, up from a 3.3% increase reported last month. Orders excluding transportation goods increased 1.3%, revised higher from a 0.8% decrease initially reported.
Durable goods orders for capital goods, excluding defense and aircraft goods, fell 4.5%, the largest decline in four months.
Orders for computers and electronics equipment fell 7.7%, the largest decline in almost two years. Orders for transportation equipment fell 5.2%, the biggest decline since August.
Unfilled orders for durable goods increased 0.7% in October.
