December 23, 2024 – 6:55 AM PST
WASHINGTON (Reuters) – New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery, offering more signs that the economy is on solid footing as the year ends.
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The report from the Commerce Department on Monday, which also showed shipments of these goods increasing for a second straight month, followed on the heels of strong consumer spending data last week.
The upbeat data underscores the economy’s resilience that prompted the Federal Reserve last week to project fewer interest rate cuts in 2025.
“That strength is consistent with our view that business equipment spending growth will accelerate gently next year,” said Michael Pearce, deputy chief U.S. economist at Oxford Economics. “The rebound in core capital goods orders and shipments could reflect some relief…
