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Due to a sharp decline in transportation equipment orders, U.S. manufactured goods orders fell 5.4% month-on-month to $279.4 billion in October, worse than the median forecast of a 3.4% decline.
Rubeela Farooqi, chief U.S. economist at High Frequency Economics, pointed out that companies face headwinds from rising borrowing costs and tighter credit conditions, which may affect economic activity. New orders for transportation equipment fell 14.8%, while new orders excluding transportation remained flat.
In addition, civil aircraft orders fell sharply by 49.6%, indicating fluctuations in the overall business investment path.
(Source: manilatimes Image source: freepik)
