New orders for key U.S.-made capital goods increased by the most in nearly two years in June and shipments accelerated, but the gains were likely ...
WASHINGTON: New orders for key U.S.-made capital goods increased by the most in nearly two years in June and shipments accelerated, but the gains were likely insufficient to avert the deepest plunge in business investment and economic activity since the Great Depression in the second quarter because of the COVID-19 crisis.
Core capital goods orders remained 3.2per cent below their pre-pandemic level. Orders last month were boosted by demand for machinery, fabricated metals and primary metals. Orders for electrical equipment, appliances and components increased 1.2per cent, likely driven by workers setting up home offices.
According to a Reuters survey of economists, GDP collapsed at a 34.1per cent rate last quarter, which would be the sharpest contraction in output since the government started keeping records in 1947. The economy shrank at a 5.0per cent pace in the January-March quarter, the deepest since the 2007-09 recession.
Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, increased 7.3per cent in June after rebounding 15.1per cent in May. Boeing's best-selling plane has been grounded since March 2019 after two crashes in Indonesia and Ethiopia.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Florida records 9,300 new COVID-19 cases, blows past New YorkFlorida on Sunday became the second state after California to overtake New York, the worst-hit state at the start of the U.S. novel coronavirus ...
Read more »
481 new Covid-19 cases in Singapore, including 5 in the community and 4 importedThe five community cases are work pass holders and the four imported cases had been placed on stay-home notices upon arrival in Singapore.. Read more at straitstimes.com.
Read more »
Tokyo confirms 239 new COVID-19 cases on SundayTokyo officials confirmed 239 new coronavirus infections on Sunday, Japanese media reported, as the capital struggles with a resurgence in cases ...
Read more »
COVID-19 cases in Singapore top 50,000 with 481 new infections, including 4 imported casesSINGAPORE: Singapore reported 481 new COVID-19 cases as of noon on Sunday (Jul 26), including five infections in the community. This brings the ...
Read more »
Golf: Westwood to skip PGA Championship due to Covid-19 concerns in the USLONDON (REUTERS) - Former world number one Lee Westwood said on Saturday (July 25) that concerns about the Covid-19 pandemic in the United States will prevent him from flying over and participating in tournaments, including the PGA Championship next month.. Read more at straitstimes.com.
Read more »