WASHINGTON: New orders for key US-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter.
The Commerce Department on Monday said orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, edged up 0.1 per cent last month as a surge in demand for electrical equipment, appliances and components was partially offset by a drop in machinery orders.
Economists could trim their GDP growth estimates for the fourth quarter after the weak shipments data. While manufacturing is struggling, the housing market is steadily rising, driven by the Federal Reserve's three interest rate cuts this year. Business investment has contracted for two straight quarters, with weak spending on equipment and nonresidential structures such as gas and oil well drilling contributing to the decline that has pushed manufacturing into recession.
Durable goods orders were held down by a 72.7 per cent plunge in demand for defense aircraft orders and parts last month. Economists expect a rebound after the US Congress passed a huge defense spending bill last week.
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