Orders for U.S.-produced manufactured goods rose slightly in August on an uptick in machinery orders, beating expectations after a steep decline in July.
New orders for durable goods rose 0.2% in August from a month earlier to $284.7 billion, according to revised Commerce Department data.
This was sharply above the median forecast among economists surveyed by MarketWatch of a 0.5% decline from July.
"While durable goods orders were little changed in August, there were downward revisions to the July figures," Oxford Economics Lead U.S. Economist Michael Pearce wrote in a note to clients.
"The trend in underlying capital goods orders suggests that business equipment investment lost some momentum in the third quarter," he said.
Oxford Economics sees a further slowdown ahead "as tighter monetary policy feeds through more fully," he added.
The Federal Reserve has raised interest rates 11 times in the last 18 months, lifting its key lending rate to a level not seen for 22 years.
Tighter interest rates increase borrowing costs for consumers and businesses, which impacts demand for goods and services.
Copyright 2023, Agence France-Presse
