News That Matters

Tag: CONFIG

Rise in U.S. business equipment spending allays recession fears
Business

Rise in U.S. business equipment spending allays recession fears

Core capital goods orders increase 0.4% in JulyCore capital goods shipments rise 0.7%Durable goods orders unchangedPending home sales fall 1.0% in JulyWASHINGTON, Aug 24 (Reuters) - New orders for U.S.-manufactured capital goods increased in July, but the pace slowed from the prior month, suggesting a moderate rebound in business spending this quarter.The report from the Commerce Department on Wednesday also showed solid gains in shipments of these goods. While part of the rise was because businesses are spending more due to higher prices, the data was another sign that the economy continues to grow at a slow pace and was not in recession."The absence of a sustained decline in orders suggests that businesses are still investing despite tighter financial market conditions, a drop in sent...