The Commerce Department said on Monday that U.S. factory orders jumped 1.0% after rising 0.3% in September
New orders for U.S.-manufactured goods increased more than expected in October amid strong gains in demand for machinery and a range of other goods, which could allay concerns of a sharp slowdown in manufacturing.
The Federal Reserve’s fastest rate-hiking cycle since the 1980s as it battles inflation is dampening demand for goods, undercutting manufacturing, which is also being squeezed by the rotation of spending back to services. Manufacturing accounts for 11.3 per cent of the U.S. economy. October’s jump in factory orders was driven by a 2.2 per cent rise in bookings for transportation equipment, which followed a 2.3 per cent increase in September. Transportation equipment orders were boosted by increases in orders for both defence and civilian aircraft. Motor vehicle orders rebounded 1.7 per cent.
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