AppId is over the quota
AppId is over the quota
A widely-watched U.S. indicator of business investment plans rose in August, the Commerce Department reported Tuesday, in a hopeful sign for the slumping economy.
American firms ordered 0.9 per cent more capital goods, such as computers, communications equipment and other big-ticket items.
It was the second gain in three months.
Overall factory orders fell 0.2 per cent, after rising by 2.1 per cent in July, dragged down by a sharp decline in orders for autos and auto parts.
But that followed July's jump in automotive orders, which was the biggest increase in eight years.
Automakers are returning to full production after output was interrupted by Japan's March 11 earthquake.
Shipments of capital goods rose 2.8 per cent in August, the fourth consecutive gain. The government looks closely at shipment data when calculating economic growth.
The increase in orders and shipments suggested businesses kept investing in their companies during a difficult month when stock prices fluctuated wildly, Europe's debt crisis intensified and a raft of data showed the U.S. economy was more vulnerable to another recession.
With files from The Associated Press Accessibility Links
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