New orders for U.S. manufactured capital goods rose modestly in June, but weak demand for machinery and a range of other goods suggested business spending will remain subdued for a while.
Figures released Wednesday by the U.S. Commerce Department showed non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, increased 0.2% last month after a downwardly-revised 0.5% decline in May.
These so-called core capital goods orders were previously reported to have declined 0.4% in May. Economists had forecast core capital goods orders rising 0.3% last month.
Overall orders for durable goods, items meant to last three years or more, tumbled 4% last month, the biggest drop since August 2014, after a downwardly revised 2.8% fall in May.
Durable goods orders were previously reported to have declined 2.3% in May.
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