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U.S. core capital goods orders slow in July from prior month

Credit: REUTERS/TOM BRENNER

New orders for key U.S.-made capital goods slowed in July, suggesting the rebound in business investment could become more gradual amid uncertainty about the course of the COVID-19 pandemic, even as the recovery in manufacturing appears to be gaining traction.

WASHINGTON, Aug 26 (Reuters) - New orders for key U.S.-made capital goods slowed in July, suggesting the rebound in business investment could become more gradual amid uncertainty about the course of the COVID-19 pandemic, even as the recovery in manufacturing appears to be gaining traction.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 1.9% last month, the Commerce Department said on Wednesday. These so-called core capital goods orders jumped 4.3% in June.

Economists polled by Reuters had forecast such orders climbing 1.9% in July.

(Reporting by Lucia Mutikani Editing by Chizu Nomiyama)

((Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))

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