Orders for US Business Equipment Decline by More Than Forecast
- Core capital goods bookings fell 0.4% after revised 0.7% slide
- Total durable goods orders jumped in March, led by aircraft
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Orders placed with US factories for business equipment fell in March by more than expected, suggesting higher borrowing costs and a cloudy economic outlook are restraining capital investment.
The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, decreased 0.4% last month after a downwardly revised 0.7% drop in February, Commerce Department figures showed Wednesday. The data aren’t adjusted for inflation.