US Business Equipment Orders Rebounded Sharply in October
- Bookings rose 0.7% after downwardly revised 0.8% decline
- Core capital goods shipments climbed by most since January
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Orders placed with US factories for business equipment rebounded in October, suggesting capital spending plans are holding up in the face of higher borrowing costs and broader economic uncertainty.
The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.7% last month after a downwardly revised 0.8% decline in September, Commerce Department figures showed Wednesday. The data aren’t adjusted for inflation.