US Manufactured Goods Orders Fell Sharply In October
Faizan Hashmi Published November 22, 2023 | 08:51 PM
Orders for manufactured goods produced in the United States fell sharply in October, dragged down by a steep decline in transportation equipment orders, reversing an overall increase in September
Washington, (APP - UrduPoint / Pakistan Point News - 22nd Nov, 2023) Orders for manufactured goods produced in the United States fell sharply in October, dragged down by a steep decline in transportation equipment orders, reversing an overall increase in September.
New orders for durable goods declined by 5.4 percent in October from a month earlier to $279.4 billion, according to revised Commerce Department data.
This was worse than the median forecast among economists surveyed by MarketWatch of a 3.4 percent decline.
"In short, durable goods surprised to the downside in October," High-Frequency Economics Chief US Economist Rubeela Farooqi wrote in a note to clients.
She added that "companies continue to face headwinds from higher borrowing costs and tighter credit conditions that could weigh on activity.
"
New orders for transportation equipment declined by 14.8 percent. Excluding transportation, new orders were flat in October.
At the same time, orders for civilian aircraft fell sharply by 49.6 percent -- an expected reversal after a September bounce due to a large order of new planes by the budget airline Ryanair.
"Swings in civilian aircraft orders tell us little about the evolving path of overall business investment," economists at Pantheon Macroeconomics wrote in an investor note ahead of the data release.
Recent Stories
Govt's wheat procurement target increased upto 1.8 metric tons
SC forms six-member bench to IHC judges'letters
PM to take part in World Economic Forum meeting in Riyadh today
Punjab Police officer Riffat Bukhari wins global award
Punjab Police Hero ASP Shehbano Naqvi’s wedding festivities spark joy
TECNO CAMON 30 Series set to launch at a grand fashion show in Karachi
Record growth being witnessed in IT exports due to SIFC’s efforts
Pakistan, Canada agree to enhance cooperation in all fields
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 27 April 2024
Today Gold Rate in Pakistan 27 April 2024
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
More Stories From World
-
Tennis: ATP/WTA Madrid Open results
48 minutes ago -
Russia hits Ukrainian energy sites in 'massive' overnight attack
48 minutes ago -
Estanguet emotional as Olympic torch sets sail for France
58 minutes ago -
Italy summons Russian envoy over Ariston subsidiary takeover
58 minutes ago -
Benin police fire tear gas to break up union protest
2 hours ago -
Estanguet emotional as Olympic torch sets sail for France
2 hours ago
-
Olympic torch begins its voyage to France
2 hours ago -
Haliburton hits winner as Pacers hold off Bucks, T'Wolves push Suns to brink
3 hours ago -
Star K-pop producer causes online stir after lashing out at industry bosses
3 hours ago -
Kenyan patients suffer as doctors' strike grinds on
3 hours ago -
China to send 2 giant pandas to U.S.
3 hours ago -
China's industrial profits up 4.3 pct in Q1
3 hours ago