The numbers: Orders at U.S. factories for long-lasting goods rose 0.4% in September. It was the sixth increase in the last seven months and was fueled by strong orders for civilian aircraft.
Economists polled by the Wall Street Journal had forecast a 0.7% gain.
Core orders, seen as a bellwether for business investment, fell 0.7% after a 0.8% rise in the prior month. These category strips out the volatile transportation sector as well as government spending on military equipment.
Key details: Orders for civilian aircraft jumped 21.9% in September. Orders for cars and trucks rose 2.2%.
Excluding transportation, order fell 0.5%.
Big picture: Durable-goods orders are reported by the government in nominal terms, so it is hard to discern the impact of inflation on the data. Economists say it appears business investment has been holding up although surveys from regional Federal Reserve district banks have pointed to weakness. So far, the hard data has been stronger.
Market reaction: Stocks
DJIA,
SPX,
were set to open higher on Thursday. The yield on the 10-year Treasury note
TMUBMUSD10Y,
rose to 4.04%.
