WASHINGTON - Durable goods orders fell 0.6% in October as orders excluding transportation dropped by the largest amount in seven months, the Commerce Department reported today.
New orders for durable goods excluding transportation fell 1.3%, the largest drop since March. Orders excluding transportation in September were revised higher to a 1.8% increase from a 0.9% rise, which was initially reported.
Total durable goods orders in September increased 1.6%, double was what initially reported.
Economists expected durable goods orders to rise 0.5% for the month and for orders excluding transportation to rise 0.6%, according to the median estimate provided by Thomson Reuters.
Orders for capital goods excluding aircraft declined 2.9%. The figure was positive in September for the first time since June and was revised higher to a 2.6% rise from a 2.0% increase.
Orders for machinery goods tumbled 8.0% in October, the largest drop since January. Orders for motor vehicles and parts declined 0.1% in October and was revised to a 1.5% increase in September from a 0.1% decline initially reported.
