New orders for key U.S.-manufactured capital goods increased by the most in five months in January while shipments of those so-called core goods rebounded, suggesting that business spending on equipment picked up at the start of the first quarter.
"Given the fairly broad strength in this report and the fact that manufacturing activity surprised to the upside in the industrial production data released earlier this month, we can't completely dismiss this as rebound noise," said Shannon Seery, an economist at Wells Fargo in New York. "But we still doubt the string of weakness we saw toward the end of last year is the full extent of the contraction for manufacturing.
Shipments of core capital goods bounced back 1.1% after declining 0.6% in December. Core capital goods shipments are used to calculate equipment spending in the gross domestic product measurement. But orders for items ranging from toasters to aircraft that are meant to last three years or more tumbled 4.5% in January, the largest drop since April 2020. These so-called durable goods orders increased 5.1% in December.Orders last month were weighed down by a 54.6% plunge in the volatile civilian aircraft category, which followed a 105.6% surge in December. Boeing
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