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The
Commerce Department said on Wednesday non-defense capital goods
orders excluding aircraft, a closely watched proxy for business
spending plans, increased 2.2 percent last month, the biggest
rise since June last year. That was on top of an upwardly
revised 1.4 percent increase in June.
Economists had forecast these so-called core capital goods
rising 0.4 percent in July after a previously reported 0.9
percent increase in June.
The report added to employment, retail sales, housing and
consumer spending data in highlighting the U.S. economy's
resilience. The string of upbeat reports suggest the Federal
Reserve could still raise interest rates this year despite a
global markets sell-off, triggered by concerns over China's
slowing economy, and policymakers' concerns about low inflation.
Shipments of core capital goods, which are used to calculate
equipment spending in the government's gross domestic product
measurement, rose 0.6 percent last month after an upwardly
revised 0.9 percent increase in June.
Core capital goods shipments were previously reported to have
risen 0.3 percent in June and the upward revision suggests
second-quarter gross domestic product could be bumped up when
the government publishes it second estimate on Thursday.
A 4.7 percent increase in transportation equipment buoyed
overall orders for durable goods - items ranging from toasters
to aircraft that are meant to last three years or more - which
rose 2.0 percent last month.
Transportation was lifted by a 4.0 percent rise in orders for
automobiles and parts, which offset a 6.0 percent decline in
aircraft orders. Boeing reported on its website that it
had received 101 orders last month, down from 161 in June.
((Reporting by Lucia Mutikani; Editing by Andrea Ricci))
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