WASHINGTON, July 28 — New orders for key US-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...
Tuesday, 28 Jul 2020 10:50 AM MYT
The improvement in manufacturing reported by the Commerce Department yesterday was driven by pent-up demand following the reopening of businesses. The budding recovery is threatened by a resurgence in new cases of the coronavirus, which has forced some authorities in the hard-hit South and West regions to either close businesses again or halt reopenings.
Core capital goods orders remained 3.2 per 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 1.2 per cent, likely driven by workers setting up home offices.
Economists expect business spending on equipment contracted at as much as a 36 per cent annualised rate in the second quarter. The anticipated record drop would lead to the fifth straight quarterly decline in overall business investment. Stocks on Wall Street gained amid hopes of more stimulus and a dovish signal from the Federal Reserve to revive a battered domestic economy. Fed officials are scheduled to gather for a regular two-day policy meeting today. The dollar fell against a basket of currencies. US Treasury prices rose.
Boeing reported only one aircraft order last month after receiving nine in May, according to information posted on its website. The planemaker said this month customers canceled orders for 355 of its 737 MAX jets in the first half of 2020, as the damage done by the jet’s grounding and the coronavirus crisis to the airline industry mounted.
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