U.S. Durable Goods Orders Jump Much More Than Expected In October

New orders for U.S. manufactured durable goods jumped by much more than expected in the month of October, according to a report released by the Commerce Department on Wednesday.

The report said durable goods orders shot up by 1.0 percent in October after rising by a downwardly revised 0.3 percent in September.

Economists had expected durable goods orders to climb by 0.4 percent, matching the increase that had been reported for the previous month.

Excluding a surge in orders for transportation equipment, durable goods orders rose by 0.5 percent in October after slumping by 0.9 percent in September. Ex-transportation orders were expected to be unchanged.