Durable goods orders soar 12.8 percent
WASHINGTON -- Orders to U.S. factories for costly manufactured goods soared a record 12.8 percent in October, reflecting stronger demand for a wide variety of big-ticket items, from cars to computers.
The 12.8 percent hike is the largest since the government began keeping records based on the current classification system in March 1992. It also marks the first increase in orders for durable goods since May.
The rebound in durable goods -- items expected to last at least three years -- came after new orders dropped by 9.2 percent in September, the Commerce Department reported.