Economics
U.S. Durable-Goods Orders Slow While Business Investment Sturdy
- Value of core capital goods orders rises to two-year high
- Drop in inventories of durable goods suggests production gains
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U.S. orders for durable goods increased in August at a slower pace than expected, restrained by declines in bookings for motor vehicles and military equipment, though a gauge of business investment rose more than forecast.
Bookings for durable goods -- or items meant to last at least three years -- increased 0.4% from the prior month after an upwardly revised 11.7% jump in July, Commerce Department data showed Friday. The median estimate in a Bloomberg survey of economists called for a 1.5% gain in August.