Wednesday’s data suggest that business spending on equipment was likely a drag on economic growth in the first quarter
New orders for key U.S.-manufactured capital goods fell more than expected in March, while shipments declined, suggesting that business spending on equipment was likely a drag on economic growth in the first quarter.
Data for February was revised down to show these so-called core capital goods orders falling 0.7 per cent instead of dipping 0.1 per cent as previously reported. Economists polled by Reuters had forecast core capital goods orders slipping 0.1 per cent. Manufacturing, which accounts for 11.3 per cent of the U.S. economy, is reeling from the Federal Reserve’s fastest interest rate hiking campaign since the 1980s. Spending is also shifting away from goods to services, while sluggish global demand is crimping exports. The inventory cycle is also turning, with restocking by businesses slowing to match cooling demand.
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