US core capital goods orders unexpectedly fall in June
Non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.7 per cent last month after an upwardly revised 2.0 per cent rebound in May, the Commerce Department's Census Bureau said on Friday (Jul 25). Economists had forecast these so-called core capital goods orders would rise 0.2 per cent after a previously reported 1.7 per cent jump in May.
Shipments of core capital goods increased 0.4 per cent after rising 0.5 per cent in May. Business spending on equipment accelerated sharply in the first quarter amid front-running ahead of President Donald Trump's aggressive and broad tariffs on imports.
While some of the tariff-related spending to avoid even higher goods prices has persisted, uncertainty over where tariff levels will eventually settle has prompted some businesses to hold off capital expenditures.
A survey from S&P Global on Thursday showed its flash manufacturing PMI contracted in July for the first time since December. S&P Global noted that 'any protectionist benefits of import tariffs were often outweighed by concerns over higher prices and rising costs.'
The Atlanta Fed is forecasting economic growth will rebound at a 2.4 per cent annualised rate in the second quarter, largely reflecting a reversal in import flows, which contributed to GDP contracting at a 0.5 per cent pace in the first quarter. REUTERS
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Whether you are protecting your business from ransomware or scaling up with agility, Singtel and GXS Bank offer the end-to-end protection and flexibility that SMEs need in a high-risk, high-potential world. Find out more about the Singtel Cyber Elevate programme here . Disclaimer: GXS Business Banking consists of products and services provided by GXS Bank and GXS Capital, which are licensed and regulated by the Monetary Authority of Singapore. GXS Bank and GXS Capital are separate entities and are not associated with the businesses of SPH, Grab, Singtel, or their entities. Approval of your application is subject to the receipt of all supporting documents, review, and processing time. Terms and Conditions apply. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2025 to 1 Jan 2027.
