New orders for key U.S.-made capital goods surged in June, suggesting some impro...
WASHINGTON - New orders for key U.S.-made capital goods surged in June, suggesting some improvement in business investment, but economic growth is still expected to have slowed sharply in the second quarter amid weaker exports and a smaller inventory build.
The Commerce Department said orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 1.9% last month after rising 0.3% in May. The third straight monthly increase in core capital goods orders did little to change expectations that business spending on equipment contracted in the second quarter after falling in the January-March period for the first time in three years.
June’s surge in core capital goods orders suggests a pickup in business spending on equipment, but economists cautioned that the strength could be short-lived given an inventory glut in the motor vehicles industry and design problems at Boeing that are helping to undercut the manufacturing sector.
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