US Business Equipment Orders Remain Tepid on High Interest Rates

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Orders placed with US factories for business equipment increased slightly in July after a downward revision to the prior month, suggesting companies are somewhat cautious about capital investment amid high borrowing costs and economic concerns.

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, increased 0.1% last month after a revised 0.4% decline in June, Commerce Department figures showed Thursday. The data aren’t adjusted for inflation.

The figures underscore how high borrowing costs, stiffer credit terms and lingering economic uncertainty are curbing firms’ desire to pursue longer-term capital investments. The report showed a decline in bookings for computers and related products.

 

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