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Economists polled by Reuters had forecast core capital goods orders rising 0.2 percent last month. Core capital goods orders increased 6.4 percent on a year-on-year basis. Shipments of core capital goods rose 0.3 percent in October after a downwardly revised 0.2 percent drop in the prior month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement fun cufflinks uk sale. They were previously reported to have slipped 0.1 percent in September. Business spending on equipment stalled in the third quarter and is faltering despite the Trump administration’s $1.5 trillion tax cut..
Some companies including Apple Inc (AAPL.O) used their tax windfall to buy back shares on a massive scale. Spending on equipment could also be undercut by declining oil prices. Brent crude has dropped about 28 percent since early October amid rising concerns about slowing global growth. In a separate report on Wednesday, the National Association of Realtors said existing home sales rose 1.4 percent to a seasonally adjusted annual rate of 5.22 million units last month fun cufflinks uk sale. Sales, however, were 5.1 percent lower than in October 2017, the sharpest 12-month drop since July 2014..
The report came on the heels of data on Tuesday showing a second straight monthly decline in single-family homebuilding in October. The raft of tepid economic data, a sharp stock market selloff and signs of slowing global growth likely will put the Federal Reserve under the spotlight. Officials at the U.S. central bank have recently started talking about headwinds to domestic growth. The Fed is expected to raise interest rates in December for the fourth time this year. The dollar .DXY was trading lower against a basket of currencies on Wednesday. U.S fun cufflinks uk sale. Treasury prices fell, while stocks on Wall Street rebounded after a brutal two-day drop..
Lack of growth in core capital goods orders in October suggests that shipments of these goods could drop in November, posing a downside risk to GDP estimates for the fourth quarter. Economists say the White House’s “America First” policies, which have resulted in tit-for-tat tariffs with major trade partners as well as a trade war with China, are also weighing on business investment fun cufflinks uk sale. “It appears that businesses are becoming more concerned about domestic growth and the negative impact on trade conflicts and future trade relationships, and may be more reluctant to up their investment,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto..
A third report on Wednesday from the Labor Department showed initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 224,000 for the week ended Nov. 17, the highest level since the end of June. Data for the prior week was revised to show 5,000 more applications received than previously reported fun cufflinks uk sale. Economists had forecast claims slipping to 215,000 in the latest week. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 2,000 to 218,500 last week..