U.S. durable goods orders fell in October
Posted on: Wednesday, 26 November 2008, 10:19 CST
New orders for durable goods orders fell well below economists' expectations in October, the U.S. Department of Commerce said Wednesday.
New orders for manufactured durable goods -- products expected last more than three years -- fell 6.2 percent to $193 billion, far below a the expected fall of 2.6 percent.
The drop was the largest one-month fall since October 2006 and follows a September decline of 0.2 percent, the government said.
New orders in transportation equipment fell 11.1 percent in the month, dropping $6.1 billion to $49 billion, the largest contributor to the decline.
Unfilled orders, showing future business, fell for the first time in 26 months, dropping 0.2 percent to $823.6 billion, the report said.
Shipments of durable goods fell for the third consecutive month, down 2.4 percent to $202.9 billion, following a 2.2 percent decline a month ago. Inventories, climbing 15 of the past 16 months, rose 0.4 percent to $341 billion, the highest level since 1992.
Defense orders and orders unrelated to defense fell in the month, falling 31 percent to $8.3 billion and 3.6 percent to $65.6 billion, respectively, the report said.
Source: United Press International
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