US durable goods orders dive 5.4% in October, more than estimates

By Ovunc Kutlu

ISTANBUL (AA) - US durable goods orders dove 5.4% in October, decreasing more than market expectations, according to a report by the Commerce Department’s Census Bureau released Wednesday.

New orders for manufactured durable goods plummeted $16 billion, or 5.4%, to $297.4 billion, said the agency, noting that the figure is down for the third time in the last four months.

The estimate for the figure was to show a monthly decrease of 3.1%.

The figure for September was revised down to an increase of 4%, from a gain of 4.7%, standing at $295.4 billion.

Excluding transportation, new orders were virtually unchanged, said the Commerce Department in its report, adding: "Transportation equipment, also down three of the last four months, drove the decrease, $16.0 billion or 14.8 percent to $92.1 billion."

Excluding defense, however, new orders decreased 6.7%.