Reflecting a steep drop in orders for transportation equipment, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured durable goods tumbled by more than expected in the month of October.
The report said durable goods orders plunged by 2.2 percent in October after climbing by an upwardly revised 0.7 percent in September.
Economists had expected durable goods orders to slump by 1.5 percent compared to the 0.5 percent increase that had been reported for the previous month.
Excluding the nosedive by orders for transportation equipment, durable goods orders crept up by 0.2 percent in October after rising by 0.7 percent in September. Ex-transportation orders were expected to rise by 0.3 percent.
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