US Core Capital Goods Orders Surge, Consumer Confidence Rises Further

US Core Capital Goods Orders Surge, Consumer Confidence Rises Further
Stacked containers as ships unload their cargo at the Port of Los Angeles on Nov. 22, 2021. Mike Blake/Reuters
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WASHINGTON—New orders for U.S.-manufactured capital goods increased more than expected in August, suggesting that businesses remained keen to invest in equipment despite higher interest rates, which could keep the economy on a moderate growth path.

Some of the largest gain in orders in seven months reported by the Commerce Department on Tuesday, however, reflected higher prices. The data suggested that business spending on equipment probably rebounded in the third quarter, further dispelling fears that the economy was in recession.