Orders to U.S. factories for manufactured goods increased 1.6 percent in October, driven by a surge in spending for military equipment, the government said Friday.
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The Commerce Department said orders for durable and non-durable goods climbed to a seasonally adjusted $226.2 billion, following a 1.9 percent decline in September.Defense spending shot up 42.5 percent to $10.6 billion, on the strength of orders for ships and tanks, after falling 7.0 percent in September.