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Place the raisins and hot water in a small bowl; set the bowl aside.
In a large bowl, cream together the shortening and sugar until the mixture is light and fluffy, about 5 to 7 minutes. Beat in the egg.
In another bowl, combine the flour, baking soda, salt and spices; add this to the creamed mixture a little at a time, alternating with the applesauce and water.
Drain the raisins and fold them into the batter along with the walnuts.
Transfer the batter to a greased 13x9-inch baking pan.
Bake the cake at 325°F for 40 minutes or until a toothpick inserted in the center comes out clean.
Place the pan on a wire rack to let it cool.
Dust the top of the cake with confectioners' sugar, if desired.
Serve the applesauce cake warm or cold.