U.S. factory orders for business equipment increased in July for a third month, at the same time shipments of such goods plunged the most since October 2016 in a sign that capital investment remains tepid in light of slower global growth and a ratcheting up of trade tensions.
Bookings for non-military capital goods orders excluding aircraft -- a proxy for business investment -- rose 0.4% after a downwardly revised 0.9% gain in the prior month, according to Commerce Department figures Monday.
Shipments of non-defense capital goods excluding aircraft -- a measure used in GDP calculations -- dropped 0.7% after no change a month earlier.
The broader measure of bookings for all durable goods, or items meant to last at least three years, jumped 2.1%, buoyed by a surge in civilian aircraft orders.
Source : Bloomberg