Demand for manufactured goods in the United States fell more than expected in October after rising sharply in the previous month.
The U.S. Commerce Department said demand for U.S. factory production fell in October by 3.6 percent, the biggest drop since April 2020. After rising 2.3 percent in September, according to revised data.
Economists polled by Reuters had expected orders to fall 2.8 percent.
Orders rose 0.5 percent year-on-year in October.
The sharp decline in industrial demand came as demand for durable goods fell sharply by 5.4 percent after rising 4 percent in the previous month.
Demand for transport equipment fell 14.7 percent, and demand for non-durable goods fell 1.4 percent after rising 0.6 percent in the previous month.
At the same time, the volume of deliveries of manufactured goods during October fell by 1.9 percent after stabilizing in the previous September.
Inventories of manufactured goods rose 0.1 percent, the same as the previous month.