Economic Buzz: US Durable Goods Orders Rise 1% In October

24 Nov 2022 , 08:49 AM

New orders for U.S. manufactured durable goods jumped by much more than expected in the month of October, according to a report released by the Commerce Department. The report said durable goods orders shot up by 1.0 percent in October after rising by a downwardly revised 0.3 percent in September. The stronger than expected growth in durable goods orders was partly due to a continued surge in orders for transportation equipment, which jumped by 2.1 percent in October after spiking by 2.5 percent in September. Orders for non-defense aircraft and parts helped lead the way higher, soaring by 7.4 percent in October after skyrocketing by 23.4 percent in September. Orders for defense aircraft and parts also showed a substantial rebound. Excluding the surge in orders for transportation equipment, durable goods orders rose by 0.5 percent in October after slumping by 0.9 percent in September. The report also showed orders for non-defense capital goods excluding aircraft, a key indicator of business spending, climbed by 0.7 percent in October after sliding by 0.8 percent in September. Shipments in the same category, which is the source data for equipment investment in GDP, shot up by 1.3 percent in October after edging down by 0.1 percent in the previous month.Powered by Commodity Insights