by winston » Fri Jun 28, 2024 8:51 am
New orders for key US-manufactured capital goods unexpectedly fell in May, suggesting that business spending on equipment weakened in the second quarter as borrowing costs remain elevated.
Non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.6 per cent last month, the Commerce Department’s Census Bureau said on Thursday (Jun 27).
Data for April was revised slightly higher to show these so-called core capital goods orders rising 0.3 per cent instead of 0.2 per cent as previously reported.
Economists polled by Reuters had forecast core capital goods orders edging up 0.1 per cent.
Business spending on equipment is under pressure from higher interest rates and softening demand for goods.
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"