October 27, 2020
WASHINGTON (Reuters) – New orders for key U.S.-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-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 1.0% 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% instead of 1.9% as previously estimated.
Economists polled by Reuters had forecast core capital goods orders increasing 0.5%.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
