FXStreet (Mumbai) – The corporate spending in the US dropped at a slower than expected rate in August, the official data released today showed.
The headline durable goods orders contracted 2% in August, compared to the 2.2% decline expected. This is the seventh straight month of annualised decline in the durable goods orders.
Orders for core capital goods – a proxy for business investment – slipped 0.2%. Shipments of core capital goods, a category used to help determine quarterly economic growth, also fell 0.2% in August. Meanwhile, orders minus transportation were flat.
The headline figure dropped mainly on account of lower bookings for autos and airplanes.
(Market News Provided by FXstreet)