WASHINGTON – Consumers bought fewer big-ticket items such as cars, appliances and office equipment last month as their personal income rose just 0.3%, the Commerce Department reported today.
Orders for manufactured durable goods fell 6.2% to $193 billion, the third consecutive monthly decline and the largest drop since October 2006. In September, those orders fell 0.2%.
The department said orders for transportation equipment experienced the largest drop-11.1% to $49 billion. Shipments of manufactured durable goods fell for the third consecutive month. They declined 2.4%. Inventories of manufactured durable goods increased 0.4% to $34.1 billion, the highest level since 1992.
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