(MENAFN) As the drag on US manufacturing from a strong dollar and spending cuts in the energy segment revealed little sign of abating, new orders for manufactured capital goods fell in Nov and October's jump was revised lower.
However, as new data shows consumer sentiment at a five-month high in December and personal income rising for an eighth straight month in November, the overall outlook for the economy stays really encouraging.
In more detail, non-defense capital goods orders excluding aircraft declined 0.4 percent last month, and October's climb in orders for these so-called core capital goods was revised down to 0.6 percent from 1.3 percent.
"Unless we see a big rebound in December or upward revisions, it appears that investment in equipment contracted in the fourth quarter," stated the chief US economist at Capital Economics in Toronto.
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