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U.S. durable goods orders rise 3.0%, core orders up 0.5%

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Investing.com -

Investing.com - U.S. durable goods orders rose more than expected in October, while core orders also topped forecasts, official data showed on Wednesday.

In a report, the U.S. Commerce Department said that total durable goods orders, which include transportation items, jumped by a seasonally adjusted 3.0% last month, easily surpassing forecasts for 1.5%. Orders for durable goods in September were revised to a drop of 0.8% from a previously reported decline of 1.2%.

Durable goods are typically bulky or heavy products designed to last at three years, such as trains, planes and automobiles.

Core durable goods orders, excluding volatile transportation items, rose by a seasonally adjusted 0.5% in October, compared to expectations for an increase of 0.3%. Core durable goods orders slumped 0.1% in September.

Orders for core capital goods, a key barometer of private-sector business investment, increased by 1.3% last month, beating expectations for a gain of 0.2%.

Shipments of core capital goods, a category used to calculate quarterly economic growth, decreased 0.4% in October, worse than forecasts for a drop of 0.3%.

EUR/USD was trading at 1.0581 from around 1.0587 ahead of the release of the data, GBP/USD was at 1.5086 from 1.5088 earlier, while USD/JPY was at 122.75 from 122.72 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.10, compared to 100.06 ahead of the report.

Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures pointed to a gain of 60 points, or 0.33%, the S&P 500 futures indicated a rise 7 points, or 0.31%, while the Nasdaq 100 futures increased 16 points, or 0.35%.

Elsewhere, in the commodities market, gold futures traded at $1,070.70 a troy ounce, compared to $1,072.80 ahead of the data, while crude oil traded at $42.14 a barrel from $42.16 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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