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October Durable Goods Orders Drop 6.2 Percent

11/26/2008
Orders for big-ticked manufactured items from U.S. factories dropped by the largest amount in two years for October, 6.2 percent, according to the U.S. Department of Commerce. The number was more than double the average industry prediction of 3 percent. Demand for primary metals, including steel, fell 12.6 percent, the largest drop on record, according to the Associated Press. Total transportation orders were down 11.1 percent, with automobiles down 4.5 percent and commercial aircraft down 4.7 percent. Orders for machinery fell 6.8 percent, and demand for computers and electronic products fell 2.4 percent.

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