Investing.com – New orders for U.S. factory goods rose by the most in almost one-and-a-half years in October, in a hopeful sign for the manufacturing sector.
The Commerce Department said that new orders for manufactured goods rose by 2.7% after an increase of 0.6% in September.
It was the largest increase since June 2015 and marked the fourth consecutive monthly gain.
Economists had forecast factory orders rising 2.6% in October after a previously reported 0.3% increase in September.
The department also said orders for non-defense capital goods excluding aircraft rose 0.2% in October, instead of the 0.4% increase reported last month.
These so-called core capital goods are seen as a measure of business confidence and spending plans on equipment.