Core machinery orders unexpectedly rose in August, extending gains and highlighting resilience in capital spending even as the economy remains under pressure from the COVID-19 virus pandemic.
The modest increase in core orders was a welcome sign of strength for the economy, although companies are still struggling from the hit to their corporate earnings.
Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, grew 0.2% in August after a 6.3% rise in July.
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