New orders for major US-made capital goods rose more than expected in August, and demand for the previous month was stronger than previously reported, showing a steady recovery in production.
Orders for non-defense capital goods, excluding aircraft, a closely monitored proxy for business spending plans, rose 1.8 percent last month, the trade ministry said on Friday. The data for July were revised to show that these so-called core capital orders increased by 2.5% instead of 1.9%, as previously estimated. Economists polled by Reuters predicted that orders for basic capital goods would gain 0.5% in August.
In general, orders for durable goods for August increased by 0.4%, which is far from the expected increase of 1
–CNBC contributed to this report.