US factory orders plummet 3.6% in October, worse than estimates

Market expectation was to show decline of 2.6%

By Ovunc Kutlu

ISTANBUL (AA) - US factory orders plummeted 3.6% in October and came in worse than market estimates, according to Commerce Department figures released Monday.

New orders for manufactured goods fell $21.8 billion to $576.8, down for the first time after two consecutive monthly increases.

The expectation for the figure, which measures the change in the value of new purchase orders placed with manufacturers, was to show a decline of 2.6%.

The figure in September was revised down from a gain of 2.8% to an increase of 2.3%, which stood at $598.6 billion.

New orders for manufactured durable goods in September decreased $15.9 billion, or 5.4%, to $279.4 billion -- down for the third time in the past four months.

Transportation equipment, also down three of the last four months, led the decline by falling $15.9 billion, or 14.7%, to $92.1 billion.

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