Durable goods orders see biggest drop in 15 months

Companies' orders for long-lasting, pricier goods — think: cars, aircraft or large appliances — fell 4.4% in October, the Commerce Department said on Wednesday, more than the 2.5% economists were expecting.

Why it matters: It's the biggest decline in durable goods orders since July of last year, thanks to a drop in orders of military and commercial jets. Excluding jets and other transportation items, orders were flat in October after falling the last two months — a signal of slowing business investment.