U.S. Business Spending Weakens, But Consumers Upbeat
Reuters reported U.S. business investment spending reportedly fell for a fourth straight month in December, a sign that slowing global growth may be a drag on the economy, but consumers remained upbeat, and new home sales in December hit their highest level since June 2008.
According to Reuters , the Commerce Department said non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.6% last month after a similar decline in November.
Economists, who had expected a 0.5% gain, said the surprise drop last month likely reflected weak overseas demand for a wide range of U.S. capital goods, and declining demand at home for energy-related equipment, Reuters added.
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