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US DURABLE GOODS ORDERS BEAT EXPECTATIONS IN BOOST TO ECONOMY IN THIRD-QUARTER

NEWS Desk Global

Orders for long-lasting U.S. manufactured goods rose in August as an increase in machinery and other products offset a drop in civilian aircraft, and business spending on equipment appeared to regain momentum after faltering early in the third quarter.

The report from the Commerce Department on Wednesday also showed shipments of capital goods rebounding sharply last month, a sign of resilience in both business investment and the overall economy despite the Federal Reserve's aggressive monetary policy tightening. The surge in shipments compensated for downward revisions to July's data, prompting some economists to raise their gross domestic product growth estimates for this quarter.

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