Washington, DC, Nov. 26--American manufacturers saw orders for big-ticket items jump in October by the largest amount in 15 months.
Orders for durable goods, or items such as cars meant to last three years or more, shot up 3.3% to $184.5 billion last month, after rising a revised 2.1% in September, the Commerce Department reported Wednesday.
Economists had expected a modest increase of 0.6%, according to a survey by Dow Jones and CNBC. The 3.3% increase represented the best showing since July 2002, when orders soared by 8.1%.
Transportation equipment saw the largest increase in orders at 5.5% amid elevated demand for aircraft. Orders for cars and parts, however, sank 1.1%.
Capital-goods orders climbed 5% amid a 22.1% jump in demand for defense-related items.
Demand for nondefense capital goods, which are items meant to last at least ten years, was up 2.8%, suggesting business spending is firming.
Orders for computers and electronic products increased by 4%.
Durable-goods inventories rose by 0.2%, while shipments climbed 0.6%. Unfilled orders rose 1.5%, the largest increase since June 2000.
