WASHINGTON — New orders for U.S. manufactured goods and spending on construction rose significantly in September, the Commerce Department said today.
Factory orders rose by 1.1% in the month, higher than the 0.9% rise anticipated by financial analysts. Excluding orders for defense goods, which vary widely from month-to-month, orders rose 1.3%, the department said.
At the same time, the department said construction spending rose $6.2 billion, a 1.5% rise, to a seasonally adjusted annual rate of $406.3 billion.
Meanwhile, the Labor Department said productivity among the nation's businesses improved by 2.6% in the July-September period.
Despite encouraging signs of growth represented by rising factory orders, construction spending and productivity, most economists believe the U.S. economy will slow significantly as a result of last month's stock market collapse.