By Ovunc Kutlu
ISTANBUL (AA) - US factory orders rose 1% in October, coming above market estimates, the Commerce Department said Monday.
New orders for manufactured goods jumped $5.8 billion to $556.6 billion, making for an increase in 12 out of the last 13 months.
While the market had expected an October gain of 0.7%, the September figure was also revised upwards to $550.9 billion – a 0.3% increase.
Orders of new durable goods rose $3 billion, or 1.1%, to $277.4 billion, after posting a 1% gain in September.
Transportation equipment led the gains with $2.1 billion, or 2.2%, rising to $97.7 billion.
New orders for manufactured nondurable goods gained $2.8 billion, or 1%, to $279.3 billion.