India, Dec. 6 -- A report released by the Commerce Department on Thursday showed a steep drop in new orders for U.S. manufactured goods in the month of October.
The Commerce Department said factory orders tumbled by 2.1 percent in October after rising by a downwardly revised 0.2 percent in September.
Economists had expected factory orders to slump by 2.0 percent compared to the 0.7 percent increase originally reported for the previous month.
Durable goods orders led the way lower during the month, plunging by 4.3 percent amid a 12.0 percent nosedive in orders for transportation equipment.
Meanwhile, the report showed a continued increase in orders for non-durable goods, which rose by 0.3 percent in November.
The Commerce Department als...