U.S. Durable Goods Orders Pull Back Much Less Than Expected In September

(RTTNews) - After reporting a sharp increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Wednesday showing durable goods orders pulled back by much less than expected in the month of September.

The Commerce Department said durable goods orders fell by 0.4 percent in September after jumping by a downwardly revised 1.3 percent in August.

Economists had expected durable goods orders to slump by 1.1 percent compared to the 1.8 percent spike that had been reported for the previous month.

Excluding a steep drop in orders for transportation equipment, durable goods orders climbed by 0.4 percent in September after rising by 0.3 percent in August. The increase matched economist estimates.