New orders for key U.S.-made capital goods slipped in February and shipments wer...
WASHINGTON - New orders for key U.S.-made capital goods slipped in February and shipments were unchanged, but data for January was revised slightly higher, which could support views that the manufacturing sector was stabilizing.
“Manufacturing still needs a catalyst to lift activity levels and we think that will come once the trade deal with China looks to be ironed out,” said John Ryding, chief economist at RDQ Economics in New York. Shipments of core capital goods were unchanged in February after an upwardly revised 1.0 percent rise in the prior month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.
The Commerce Department report showed another month of inventory gains in February, which some economists said appeared to be unintended. The inventory glut is mostly concentrated in the auto and apparel industries. Growth estimates for the first-quarter range from as low as a 1.2 percent annualized rate to as high as a 2.1 percent pace. The economy grew at a 2.2 percent pace in the fourth quarter, with growth in business spending on equipment accelerating.
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