Posted 12/4/2023, 5:46:00 PM
Factory Orders See Steepest Monthly Drop Since Early Pandemic as Demand Slows
- Factory orders fell 3.6% in October, the biggest monthly drop since April 2020
- Decline was bigger than expected and constrained by weak demand for durable goods and transportation equipment
- Highlights view that higher interest rates are slowing spending in the economy
- Drop in manufacturing orders adds to signs of more meaningful economic slowdown in Q4
- Orders for non-defense capital goods ex aircraft fell 0.3%, showing contraction in business spending on equipment