October Factory Orders Decline by Most in Six Years
.S. factory orders fell in October by the most in six years, the Commerce Department reported Tuesday.
The 4.7% decline followed a revised 1.7% gain in September that was less than previously reported, Commerce said.
he decline was greater than the 4.2% downturn expected by economists and was the biggest downturn since July 2000, Bloomberg reported.
Excluding transportation equipment, factory orders fell 0.8% in October, following a 3.1% decline in September, Commerce said.
Durable goods orders, which make up just over half of all orders, dove 8.2% after an 8.7% surge in September.
Orders for computers and electronics fell 11% following a 2.2% increase, while bookings for automobiles fell 0.6%, after a 4.2% drop the previous month.
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