US Factory Orders Slip

New orders for US-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in the manufacturing sector, Reuters reported. Factory goods orders dipped 0.1% amid a drop in demand for both civilian and defense aircraft, the Commerce Department said on Monday. September data was revised to show orders increasing 1.7% instead of the previously reported 1.4% rise. Economists had forecast factory orders falling 0.4% in October. Orders for non-defense capital goods excluding aircraft—seen as a measure of business spending plans—rose 0.3% in October instead of the 0.5% drop reported last month. Orders for the so-called core capital goods surged 2.3% in September. Shipments of core capital goods, which are used to calculate business equipment spending in the gross domestic product report, advanced 1.1% in October instead of the previously reported 0.4% rise. Core capital goods shipments increased 1.3% in September.