New orders for U.S.-made capital goods fell more than expected in April, further...
WASHINGTON - New orders for U.S.-made capital goods fell more than expected in April, further evidence that manufacturing and the broader economy were slowing after a growth spurt in the first quarter that was driven by exports and a buildup of inventories.
Activity is also being weighed down by an escalation in the trade war between the United States and China, which has sparked a sell-off on Wall Street, as well as tepid global growth. The renewed trade tensions are expected to weigh on exports, which earlier this year had benefited from increased Chinese purchases of American goods.
Shipments of core capital goods were unchanged last month after a downwardly revised 0.6% decline in the prior month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.The downward revision to March shipments suggests business spending was even weaker than initially estimated in the first quarter and could result in GDP growth for the quarter being trimmed when the government publishes its revision next week.
Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, tumbled 2.1% in April after increasing 1.7% in the prior month. Orders for transportation equipment dropped 5.9% after rising 5.9% in March. FILE PHOTO: Shipping containers sit at the ports of Los Angeles and Long Beach, California in this aerial photo taken February 6, 2015. REUTERS/Bob Riha, Jr./File Photo
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