WASHINGTON (AP) — Orders to U.S. factories rose modestly in October, helped by a big gain in demand for equipment that reflects business investment plans.
The Commerce Department says factory orders edged up 0.8 percent in October, compared to September when orders had jumped 4.5 percent.
Orders for core capital goods, a category viewed as a good proxy for business investment plans, increased 2.9 percent in October, the biggest increase in eight months. That represented an upward revision from an initial estimate of 1.7 percent. The increase came after big declines in the investment category this summer.
Orders for durable goods rose 0.5 percent in October, up from a preliminary estimate of no gain, while orders for nondurable goods, items such as chemicals and paper, were up 1.1 percent.