US factory orders rise 2.7% in October, the most in 16 months

US factory orders rose a seasonally adjusted 2.7% in October from September, the most since June 2015 and slightly above the 2.6% advance expected by analysts.

Total factory orders now have risen for four straight months. However, for the year, orders are down 2%.      

Orders for durable goods rose a revised 4.6% in October compared with the prior estimate of a 4.8% gain.