US Durable-Goods Orders Fall 2 Pct. in October
Posted at: 11/27/2013 9:57 AM
| Updated at: 11/27/2013 9:58 AM
WASHINGTON (AP) - Orders for U.S. long-lasting factory goods fell last month as businesses spent less on machinery, computers and most other items. The decline suggests companies may have been reluctant to invest during the 16-day partial government shutdown
The Commerce Department says orders for durable goods dropped 2 percent in October. That follows a 4.1 percent increase in September. Durable goods are meant to last at least three years.
Demand for commercial aircraft plunged nearly 16 percent last month, accounting for much of the decline. But orders also fell 1.2 percent in a closely watched category that excludes volatile transportation and defense orders. That was the second straight decline.
The report conflicts with a private sector survey, which showed companies shrugged off the shutdown and boosted orders.
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