US capital goods orders go up in July

The US Commerce Department said today that non-defense capital goods orders excluding aircraft in the United States rose 1.9% in July after rising 4.3% in June which was their biggest rise in six years.

On an annual basis, core capital goods orders declined 1.9% in the twelve months to July, and durable goods orders increased 11.2% in July after rising 7.7% in June, following a 21.9% increase in auto demand.

Shipments of core capital goods rose 2.4% in July after rising 3.8% in June, and business investment declined at a record annual rate of 27% in the second quarter as spending on equipment collapsed at a record 37.7%.