Business Equipment Orders Rebound, Suggesting Investment Plans Holding Up Despite Economic Uncertainty
U.S. business equipment orders rebounded in October, suggesting that investment plans are holding up despite economic uncertainty.
Capital spending plans by American manufacturers have stood firm despite higher interest rates and a cool down in demand, as resilient domestic consumer spending continues to sustain production.
The manufacturing sector, which currently accounts for 11.3 percent of the U.S. economy, has been hurt by a strong dollar due to the Federal Reserve’s tight monetary policy, an inventory overhang, and weakening global demand.
Durable goods orders in October rose by 1 percent, or by $2.8 billion, on a monthly basis to $277.4 billion, according to the U.S. Census Bureau data released on Nov. 23….