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US Durable Goods Orders Jump on Defense Spending
Durable goods orders jumped 0.6% in October thanks to a surge in defense spending. Economists at Econoday expected a 0.7% decline in durable goods orders in October. Instead, orders rose 0.6% but from negative revisions. The Census Bureau revised September from -1.1% to -1.4% and defense spending did the rest. New Orders New orders for manufactured durable goods in October increased $1.5 billion or 0.6 percent to $248.7 billion, the U.S. Census Bureau announced today. This increase, up four of the last five months, followed a 1.4 percent September decrease. Excluding transportation, new orders increased 0.6 percent. ... (full story)