“These data remain consistent with a solid upswing in manufacturing activity and an acceleration in corporate capital spending,” said John Ryding, chief economist at RDQ Economics in New York. Economists had forecast factory orders falling 0.4 percent in October after a previously reported 1.4 percent increase in the prior month. Orders for non-defense capital goods excluding aircraft -seen as a measure of business spending plans - rose 0.3 percent in October instead of the 0.5 percent drop reported last month.
US Factory Orders fell by 0.1%
New orders for U.S.-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy. Factory goods orders dipped 0.1 percent amid a drop in demand for both civilian and defense aircraft after an upwardly revised 1.7 percent jump in September, the Commerce Department said on Monday.
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