October durable goods orders drop by 6.2 percent

Orders to U.S. factories for big-ticket manufactured goods plunged in October by the largest amount in two years as manufacturing was battered by the overall economic weakness.

The Commerce Department says orders for durable goods dropped by 6.2 percent last month, more than double the 3 percent decline economists expected.

The report showed widespread declines throughout manufacturing led by decreases in autos and airplanes.

The manufacturing sector is being hit by the slowdown that is occurring in the rest of the economy. The prospect that the U.S., the world's largest economy, has entered what could be a severe recession, is dragging down …