U.S. capital goods orders jump in January GlobeBusiness
. Still, it will probably do little to change views that the economy continued to lose momentum early in the year, with retail sales rising moderately in January and inflation broadly tame in February.
The January report was delayed by a 35-day partial shutdown of the federal government that ended on Jan. 25. The February report, which was scheduled for release later this month, will now be published on April 2. The economy grew at a 2.6 per cent pace in the fourth quarter. A second report from the Labor Department on Wednesday showed its producer price index for final demand edged up 0.1 per cent in February, lifted by a rebound in the cost of gasoline. The PPI had dropped for three straight months.
The so-called core PPI increased 2.3 per cent in the 12 months through February, the smallest rise since December 2017, after advancing 2.5 per cent in January. An improvement in productivity is curbing labour costs for companies and the dollar strength last year is weighing on prices of imported goods.Slowing growth and tame inflation support the Federal Reserve’s “patient” approach toward further interest rate increases this year. The U.S. central bank raised interest rates four times in 2018.
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