Friday’s data suggest a modest improvement in business spending on equipment early in the second quarter
New orders for key U.S.-manufactured capital goods rebounded more than expected in April and shipments of those goods also increased, suggesting a modest improvement in business spending on equipment early in the second quarter.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.3 per cent last month after slipping 0.1 per cent in March, the Commerce Department’s Census Bureau said on Friday. Investment has been hampered by Fed policy tightening that has lifted the U.S. central bank’s benchmark interest rate by 525 basis points since March 2022, eroding demand for goods and raising financing costs for businesses. The Fed has kept its policy rate in the 5.25 per cent-5.50 per cent range since July.
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