US durable goods orders rises more than forecast in October

US durable good orders rose more than analysts' expected in October, the Commerce Department revealed.

Orders increased 3% last month, compared to forecasts for a 1.5% gain. September's 1.2% drop was revised to a 0.8% decrease.

The improvement was bolstered by a 81% jump in orders for non-defence aircraft. Boeing said orders for passenger jets doubled last month compared with September.

"The trend in core capex orders is now clearly turning higher, following the collapse triggered by the rollover in oil companies' spending," said analysts at Pantheon Macroeconomics.

"That's now over, and the underlying upward trend in place before the oil hit is re-emerging. This is a solid report, pointing to a strong start for fourth quarter equipment spending."