Durable goods orders fall unexpectedly

The U.S. economy hit a setback on the manufacturing front as orders for durable goods unexpectedly declined 0.6% in October, with orders dipping in almost every category, the Commerce Department announced Wednesday. It was the second decrease in the past three months.

The consensus of economists surveyed by Bloomberg News had been for October durable goods orders to rise 0.5%. Durable goods orders increased a revised 2.0% in September, after falling 2.7% in August. Excluding transportation, durable goods orders fell 1.3% after rising 1.2% in September.