New orders for key U.S.-manufactured capital goods increased more than expected in January while shipments of those so-called core goods rebounded, suggesting that business spending on equipment picked up at the start of the first quarter.
The U.S. central bank has raised its policy rate by 450 basis points since last March from near zero to a 4.50%-4.75% range. It is expected to deliver two additional rate hikes of 25 basis points in March and May, though financial markets are betting on another increase in June.
Shipments of core capital goods bounced back 1.1% after declining 0.6% in December. Core capital goods shipments are used to calculate equipment spending in the gross domestic product measurement. Business spending on equipment contracted in the fourth quarter.
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