New orders for key US-made capital goods increased in July, though the pace slowed from June's robust gain, suggesting the rebound in business ...
WASHINGTON: New orders for key US-made capital goods increased in July, though the pace slowed from June's robust gain, suggesting the rebound in business investment would be gradual amid uncertainty about the course of the COVID-19 pandemic.
At least 28 million people are on unemployment benefits and bankruptcies are rising as government aid rolled out at the start of the pandemic dries up. Regional Federal Reserve surveys showed a moderation in factory activity in the New York state and the mid-Atlantic regions this month. Consumer confidence fell to a six-year low in August.
"Computers and communications orders have surpassed their February levels, while orders for machinery and metals continue to dig out from the hole left by shutdowns and more muted profit outlooks." Business investment tumbled at a record 27 per cent annualised rate in the second quarter, with spending on equipment collapsing at an all-time pace of 37.7 per cent. Investment in equipment has now contracted for five straight quarters.
Durable goods orders were boosted by robust demand for motor vehicles, which powered ahead 21.9 per cent after accelerating 85.6 per cent in June.
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