Durable goods orders soar in October

WASHINGTON (AP) -- Orders to U.S. factories for costly manufactured goods soared a record 12.8 percent in October, reflecting stronger demand for a wide variety of big-ticket items, from cars to computers.

The rebound in durable goods -- items expected to last at least three years -- came after new orders dropped by 9.2 percent in September, the Commerce Department reported Thursday.

Separately, the Labor Department reported that new claims for unemployment benefits surged last week by 54,000 to 488,000 as companies laid off workers in response to the shrinking economy.