Thursday, October 25, 2012

Goods Orders Point to U.S. Business Spending Slump: Economy

October 25, 2012

Orders for business equipment such as computers and communications gear stalled in September, signaling a slowdown in investment that may curb U.S. economic growth.

Bookings for non-defense capital goods excluding aircraft, considered a proxy for future spending, were little changed after rising 0.2 percent in August, a Commerce Department report showed today in Washington. Other data showed consumer confidence is climbing even as the labor market makes limited progress.
“Businesses are not prepared to commit to big-ticket investments,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts. “The uncertainty and global slowdown are clear negatives for capital spending. The third quarter was soft, and we can’t see the fourth quarter being much better.”

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