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US business spending gauge surges, durable goods orders soar

A shopper walks past washer and dryers at a Best Buy store in Northbrook, Illinois.

A gauge of U.S. business investment plans surged in October, the latest suggestion that the worst of the drag from a strong dollar and deep spending cuts by energy firms was over.

The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, increased 1.3 percent last month after an upwardly revised 0.4 percent rise in September.

Economists polled by Reuters had forecast these so-called core capital goods orders rising only 0.4 percent after September’s previously reported 0.1 percent dip.

The report came on the heels of data this month showing a solid increase in manufacturing output in October. A survey of factories also showed a rise in new orders last month.
[“source -cncb”]

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