FILE PHOTO: A small scale, traditional e-waste recycling setup for testing purposes is seen at an Apple recycling facility in Austin, Texas, U.S., August 21, 2019. REUTERS/Spencer Selvidge
Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 3.3% last month, the Commerce Department said. That was the biggest increase in these so-called core capital goods orders since July 2018 and followed a 1.6% rise in May. Shipments of core capital goods surged 3.4% last month, the biggest gain since November 2013. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement. They rose 1.6% in May and remain 3% below their the February level.
The government will publish its snapshot of second-quarter GDP on Thursday. The closure of nonessential businesses in mid-March to slow the spread of the coronavirus almost ground the economy to a halt, with most of the effects felt in April. Durable goods orders were driven by robust demand for motor vehicles, which accelerated 85.7% after increasing 28.8% in May. That offset a 462.3% plunge in civilian aircraft orders, leading to a 20% rise in orders for transportation equipment. Motor vehicles have a bigger weighting in the transportation category. Orders for transportation equipment surged 78.9% in May.
There it is again - facts (economy recovering) with an unsolicited panic porn follower. Why can’t you just provide news, not intentional fear mongering?
What they are manufacturing BOMB❗