New orders for key U.S.-manufactured capital goods increased strongly in June, while shipments surged, indicating a fairly solid pace of economic growth in the second quarter.
Economic Growth
Non-defense capital goods orders, excluding aircraft, rose 0.9% last month after an upwardly revised 1.9% increase in May, according to the Commerce Department’s Census Bureau. Economists had forecast these orders advancing 0.8% after a previously reported 1.4% jump in May.
Shipments of core capital goods, which are used to calculate business spending on equipment, surged 1.9% last month after gaining 0.2% in May. The government is scheduled to publish its advance estimate of second-quarter GDP growth on Thursday.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
