Orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, surged 1.3% last month, the U.S. Commerce Department said
New orders for U.S.-made capital goods increased more than expected in August, suggesting a rebound in business spending on equipment in the third quarter, though some of the rise in orders reflected higher prices.
Orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, surged 1.3 per cent last month, the Commerce Department said on Tuesday. These so-called core capital goods orders gained 0.7 per cent in July. The data is not adjusted for inflation.Core capital goods shipments rose 0.3 per cent after climbing 0.6 per cent in July. Core capital goods shipments are used to calculate equipment spending in the gross domestic product measurement.
Data this month showed production at U.S. factories barely rose in August amid the Federal Reserve’s aggressive monetary policy tightening to fight inflation. The U.S. central bank last week raised its policy interest rate by 75 basis points, its third straight increase of that size. It signalled more large increases to come this year.
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