U.S. Durable Goods Orders Jump 1.3% In October, More Than Expected
November 25 2020 - 4:56AM
RTTF2
New orders for U.S. manufactured durable goods increased by more
than expected in the month of October, the Commerce Department
revealed in a report on Wednesday.
The Commerce Department said durable goods orders jumped by 1.3
percent in October after spiking by 2.1 percent in September.
Economists had expected durable goods orders to climb by 0.9
percent.
Excluding an increase in orders for transportation equipment,
durable goods orders still surged up by 1.3 percent in October
after jumping by 1.5 percent in September. Ex-transportation orders
were expected to rise by 0.4 percent.
The report showed significant increases in orders for computers
and electronic products and fabricated metal products.
Orders for non-defense capital goods excluding aircraft, a key
indicator of business spending, also rose by 0.7 percent in October
after spiking by 1.9 percent in September.
A separate report released by the Commerce Department on
Wednesday showed the spike in gross domestic product in the third
quarter was unrevised from the initial estimate.
The Commerce Department said GDP skyrocketed by an annual rate
of 33.1 percent in the third quarter after plunging by 31.4 percent
in the second quarter. The unrevised reading on GDP matched
economist estimates.
The report said upward revisions to non-residential fixed
investment, residential fixed investment, and exports were offset
by downward revisions to state and local government spending,
private inventory investment, and consumer spending.
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