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US core orders for capital items exceeded expectations in September

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A shopper looks at washers and dryers in Glenview, Illinois.

Tim Boyle | Bloomberg | Getty Images

Orders for key U.S.-made capital goods rose faster-than-expected in September, completing a quarter of potentially record-breaking growth in business spending and the economy as a whole, thanks to fiscal stimulus designed to mitigate the blow of the Covid-19 pandemic.

Orders for non-defense-related capital goods excluding aircraft, a closely watched representative for business spending plans, rose 1.0% last month, the Commerce Department said Tuesday. The August data was revised higher to show that these so-called core capital goods orders increased 2.1% instead of the 1.9% previously estimated.

Economists polled by Reuters had forecast a 0.5% increase in core capital goods orders.

Overall, durable goods orders rose 1.9% in September, compared with expectations of just 0.5% increase.

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Steven Gregory