U.S. business investment still soft; jobless claims fall
New orders for key U.S.-made capital goods fell more than expected in September and shipments also declined, a sign that business investment remains weak amid the continuing fallout from the U.S.-China trade war but other data on Thursday showed it has yet to have much effect on the overall jobs market.
The Commerce Department said orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment, fell 0.5% last month on less demand for transportation equipment, motor vehicles and parts, and computers and electronic products.
Data for August was also revised down to show core capital goods orders falling 0.6% instead of declining 0.4% as previously reported. Economists polled by Reuters had forecast core capital goods orders dipping 0.2% in September.
Such goods orders increased 1.0% on a yearly basis. Shipments of core capital goods dropped 0.7% last month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement. Shipments for August were flat after being revised from a previously reported 0.3% gain.
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