U.S. Factory Orders Slip

Figures rolling in Monday revealed new orders for U.S.-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy south of the line.

The Commerce Department said factory goods orders dipped 0.1% amid a drop in demand for both civilian and defense aircraft after an upwardly revised 1.7% jump in September

Economists had forecast factory orders falling 0.4% in October after a previously reported 1.4% increase in the prior month.

The Commerce Department also said orders for non-defense capital goods excluding aircraft -seen as a measure of business spending plans - rose 0.3% in October instead of the 0.5% drop reported last month.

These so-called core capital goods orders surged 2.3% in September. Shipments of core capital goods, which are used to calculate business equipment spending in the gross domestic product report, advanced 1.1% in October instead of the previously reported 0.4% rise.