New orders for key U.S.-made capital goods rose more than expected in September, wrapping up a quarter of potentially record growth in business spending and the economy, thanks to fiscal stimulus aimed at softening the blow from the COVID-19 pandemic.
The report from the Commerce Department on Tuesday followed robust data this month on retail sales and the housing market. But government money has dried up and new coronavirus infections are surging across the country, leading economists to anticipate a slowdown in activity in the fourth quarter.
Growth estimates for the July-September quarter are as high as a 35.2per cent annualized rate, which would recoup roughly two-thirds of the output lost because of the coronavirus. Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, jumped 1.9per cent in September after rising 0.4per cent in August. Durable goods orders were driven by a 4.1per cent rebound in orders for transportation equipment, which followed a 0.9per cent decline in August.
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