Durable Goods Orders See Steep 5.4% Drop in October After September Increase
- Durable goods orders fell 5.4% in October, more than the 3.2% decrease expected
- Follows a 4.0% increase in September (revised from 4.7%)
- Core durable goods orders were flat versus a 0.1% consensus
- Durables excluding defense fell 6.7% compared to a 5.8% prior increase
- Drop comes after a sharp rise last month, shifting interest rate risk to credit risk would be worst for the economy