Reflecting a steep drop in orders for transportation equipment, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured durable goods tumbled by more than expected in the month of October.
The report said durable goods orders plunged by 2.2 percent in October after climbing by an upwardly revised 0.7 percent in September.
Economists had expected durable goods orders to slump by 1.5 percent compared to the 0.5 percent increase that had been reported for the previous month.
Excluding the nosedive by orders for transportation equipment, durable goods orders crept up by 0.2 percent in October after rising by 0.7 percent in September. Ex-transportation orders were expected to rise by 0.3 percent.
A separate report released by the Commerce Department on Tuesday showed the U.S. economy grew by much more than expected in the third quarter of 2025.
The Commerce Department said real gross domestic product spiked by 4.3 percent in the third quarter after surging by 3.8 percent in the second quarter. Economists had expected GDP to jump by 3.3 percent.
The stronger than expected GDP growth in the third quarter reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of November. Industrial production is expected to inch up by 0.1 percent.
The Conference Board is due to release its report on consumer confidence in the month of December at 10 am ET. The consumer confidence index is expected to rise to 91.9 in December after falling to 88.7 in November.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $70 billion worth of five-year notes.