Reflecting a jump in demand for transportation equipment, the Commerce Department released a report on Wednesday showing that new orders for U.S. manufactured durable goods increased by much more than expected in the month of October.
The Commerce Department said durable goods orders jumped by 3.0 percent in October after falling by a revised 0.8 percent in September.
Economists had expected orders to increase by 1.5 percent compared to the 1.2 percent drop that had been reported for the previous month.
Excluding the jump in orders for transportation equipment, durable goods orders rose by just 0.5 percent in October compared to the 0.1 percent dip seen in September. Ex-transportation orders had been expected to climb by 0.4 percent.
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