Washington — New orders for key US-made capital goods were unexpectedly unchanged in October and shipments rebounded modestly, which could temper expectations of an acceleration in business spending on equipment early in the fourth quarter. Sluggish business spending on equipment, together with a lacklustre housing market, could fan concerns about the durability of the economic expansion that is now in its ninth year and the second longest on record. Other data on Wednesday showed the number of Americans filing applications for unemployment benefits rose to more than a four-month high last week. While that will probably not change the view that the labour market is tightening, it suggests some slowing in the pace of job growth.
“The economy may have seen its best day already for growth and prosperity back a couple of months ago in late summer,” said Chris Rupkey, chief economist at MUFG. “Winter is coming for the economic outlook where business investment spending looks to be ...
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