Drop in Durables Orders Points to Slow Investment: Economy

Orders for durable goods dropped in October, pointing to a slowdown in U.S. business investment that will curb U.S. economic growth this quarter.

Bookings for goods meant to last at least three years decreased 2 percent after a 4.1 percent gain in September, the Commerce Department reported today in Washington. Other data, including a drop in jobless claims and unexpected increases in consumer sentiment and leading indicators, indicate any cooling in the expansion will be short-lived.