By CountingPips.com
New orders for durable goods and new home sales fell by more than expected in the month of October, according to data released by the U.S. Commerce Department today. New orders for durable goods, products manufactured in the U.S. and considered to last more than three years, decreased by 3.3 percent in October to a total of $196.0 billion. This follows a 5.0 percent increase in orders for September.
Market forecasts had been expecting that durable goods orders would advance by approximately 0.1 percent for the month.
New orders for durable goods, excluding transportation, decreased unexpectedly by 2.7 percent in October following an increase of 1.3 percent in September. This data was worse than the market forecasts which were predicting an increase of 0.6 percent for durables minus transportation.