Investing.com - U.S. orders for long lasting manufactured goods rose at a far stronger than expected rate in October, according to official data released on Wednesday.
Total durable goods orders, which include transportation items, climbed 4.8% last month, the Commerce Department said, compared to economists' expectations for a gain of 1.5%.
September’s orders were revised up to 0.4% from a previously reported 0.3% decline.
Durable goods are typically bulky or heavy manufactured products designed to last at least three years.
Core durable goods orders, which exclude volatile transportation items, rose 1% last month, compared to a forecast increase of 0.2%.
September’s core durable goods orders showed a 0.2% advance, revised up from 0.1%.
Durable goods, excluding defense and aircrafts, rose 0.4% last month, in line with forecasts.
The previous month was revised to show a decline of 1.4% from the previously reported 1.3% fall.
Durable orders, excluding defense rose 5.2%, following an upwardly revised increase of 1.4% a month earlier.
Immediately after the report, which was released simultaneously with weekly jobless claims, the US dollar index hit highs of 101.61, a level last seen in April 2003.