Orders in US factories for durable goods increased in March, indicating a steady dynamic investment in business equipment.
In particular, orders for durable goods – items intended to last at least three years – rose 0.8% in March after falling 1.7% a month earlier, according to data released today by US Department of Commerce.
At the same time, the value of orders for basic capital goods, a measure of investment in equipment that does not include aircraft and military equipment, increased by 1%, exceeding estimates, after falling 0.3% in February.
Specifically, the average estimate of economists in a Bloomberg survey expected an increase of 1% in total durable goods and an increase of 0.5% in capital goods.
The data showed a steady momentum in capital expenditures, as the first quarter of the year ends. Companies show that they seek to boost productivity within an environment of increased energy costs, supply chain changes and difficulty attracting skilled labor.
Source: Capital
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