WASHINGTON - New orders for U.S.-made capital goods increased by the most in eight months in March, hitting their highest level on record and brightening the outlook for manufacturing and the economy.
“Company CEOs may have feared recession in surveys taken at the start of the year, but those concerns have faded as businesses bring on new equipment to meet the demand for the goods and services they provide their customers,” said Chris Rupkey, chief economist at MUFG in New York. But shipments of core capital goods slipped 0.2 percent in March after gaining 0.2 percent in the prior month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.
Business spending on equipment is expected to have slowed because of the delayed impact of sharp drops in oil prices toward the end of 2018 and fading depreciation provisions in the 2018 tax bill, as well as supply chain disruptions caused by Washington’s trade war with China. Orders for motor vehicles and parts rose 2.1 percent in March. Orders for non-defense aircraft jumped 31.2 percent after plunging 25.4 percent in February.
FILE PHOTO: Job seekers speak with potential employers at a City of Boston Neighborhood Career Fair on May Day in Boston, Massachusetts, U.S., May 1, 2017. REUTERS/Brian Snyder
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