Factory Order Plunge -3.6% In October, Largest Drop Since COVID Lockdowns

U.S. factory orders in October fell sharply by 3.6% month-over-month, the largest drop since the COVID lockdowns in April 2020, with a year-over-year decline of 2.1%. Core factory orders also decreased, down 1.2% monthly and 2.2% annually. Durable goods orders plunged 5.4% in the same month. Despite these declines, defense spending increased by 24.7%. Year-over-year growth in factory orders for October was stagnant amid negative M2 Money growth.