The Commerce Department said Wednesday durable goods orders rose 4.8% in October, topping the median forecast calling for a rise of 1.5%. The government report on durable goods–long-lasting items built to last more than 3 years–continues to paint a rosier picture of the manufacturing sector than the private-sector regional and national reports conducted by the Federal Reserve and Institute for Supply Management (ISM).
Excluding the volatile transportation component, durable goods orders rose 1.0%, missing the estimate for a 0.2% rise.
The report said non-defense capital goods orders excluding aircraft, or the so-called core capital goods orders that are a closely watched proxy for business spending, rose 0.4% after a slightly downwardly revised 1.4% drop the month prior. So-called core capital goods orders were previously reported to have fallen 1.3% in September, though last month’s increase matched economists’ expectations.
It was taken by some analysts as an indication the manufacturing sector might slowly be regaining strength. President-elect Donald Trump has proposed a substantial infrastructure spending program, which if done correctly via the private sector, could be a boon to business investment on capital equipment. It would also be to the profit of companies like Caterpillar Inc. (NYSE:CAT) and their workers.
The heavy machinery manufacturer, which President-elect Trump vowed to keep in the U.S., last month lowered its full-year revenue outlook for the second time this year.
The most damning journalistic sin committed by the media during the era of Russia collusion…
The first ecological study finds mask mandates were not effective at slowing the spread of…
On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…
On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…
Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…
Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…
This website uses cookies.
View Comments
are digital subs 12 mo from purchase or 12 calendar mos?
@PPDNews go to bed!