U.S. Durable Goods Orders Beat in September

Perhaps it's an omen of good things to come amid the pandemic.

Figures released Tuesday morning by the U.S. Commerce Department showed new orders for key U.S.-made capital goods rose more than expected in September. It wraps up a quarter of potentially record growth in business spending and the overall economy, thanks to fiscal stimulus aimed at softening the blow from Covid-19.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 1.0% last month. Data for August was revised higher to show these so-called core capital goods orders increasing 2.1% instead of 1.9% as previously estimated.

Economists had forecast core capital goods orders increasing 0.5%.

Overall U.S. durable goods orders jumped 1.9% in September, compared with expectations of an increase of just 0.5%.