Factory orders for manufactured goods increased 1.0% month-over-month in October (consensus 0.7%) following an unrevised 0.3% increase in September.
Shipments of manufactured goods jumped 0.7% after increasing 0.3% in September.
The key takeaway from the report is the quick rebound seen in business spending, evidenced by the 0.6% increase in nondefense capital goods orders excluding aircraft, and the sizable jump in shipments of nondefense capital goods excluding aircraft (+1.5%) that will compute favorably for Q4 GDP forecasts.