U.S. durable goods orders drop sharply in October

New orders for manufactured durable goods in October decreased $19.0 billion or 8.3 percent to $210.0 billion, the U.S. Census Bureau announced today. The decrease represents the largest drop in more than six years and follows two consecutive monthly increases, including an 8.7 percent September increase. Excluding transportation, new orders decreased 1.7 percent. Excluding defense, new orders decreased 6.4 percent.

Transportation equipment, down following two consecutive monthly increases, had the largest decrease, $16.5 billion or 21.7 percent to $59.7 billion. This was led by nondefense aircraft and parts, which decreased $10.6 billion.

Read the complete report from the U.S. Department of Commerce.