US capital goods orders rebound strongly in October – 11/23/2022
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WASHINGTON (Reuters) – New orders for U.S.-made capital goods unexpectedly rose again in October, while exports rose and business equipment spending got off to a strong start to the fourth quarter even as higher interest rates cooled demand.
Orders for non-defense capital goods, excluding aircraft, rose 0.7% last month, the Commerce Department said on Wednesday. Core orders for capital goods fell 0.8% in September.
Economists polled by Reuters predicted stability. Data not adjusted for inflation. On an annual basis, new orders for major capital goods rose 9.2% in October.
Orders for machinery, computers and electronic products, electrical appliances, home appliances and accessories increased. But orders for primary metals have declined.
Exports of core capital goods rose 1.3% after falling 0.1% in September. Exports are used to account for input costs in measuring GDP.
Orders for goods ranging from toasters to airplanes rose 1.0% in October after rising 0.3% in September. Orders for transportation equipment rose 2.1%, following a 2.5% rise in September.
(Reporting by Lucia Muticani)
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