Orders for US core capital goods beat expectations in September

[WASHINGTON] New orders for key US-made capital goods rose more than expected in September, wrapping up a quarter of potentially record growth in business spending and the overall economy, thanks to fiscal stimulus aimed at softening the blow from the Covid-19 pandemic.

Orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 1.0 per cent last month, the Commerce Department said on Tuesday. Data for August was revised higher to show these so-called core capital goods orders increasing 2.1 per cent instead of 1.9 per cent as previously estimated.

Economists polled by Reuters had forecast core capital goods orders increasing 0.5 per cent.

REUTERS