New orders for key U.S.-made capital goods rebounded less than expected in March, but that is unlikely to change expectations that economic growth accelerated in the first quarter as massive government aid and an improving public health environment boosted demand.
Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.9% last month, the Commerce Department said on Monday. These so-called core capital goods orders fell 0.8% in February after bitterly cold temperatures gripped large parts of the country.
Economists polled by Reuters had forecast core capital goods orders increasing 1.5% in March.