WASHINGTON – U.S. businesses stepped up their spending on industrial machinery, steel, and other big-ticket items last month, a sign that one of the economy's weak spots may be improving.
The Commerce Department says a measure that tracks business investment rose 0.9 percent in November, after a slight 0.2 percent rise the previous month. Yet those gains follow a 1.5 percent drop in September.
Orders for all big-ticket factory goods fell 4.6 percent, mostly because of a sharp fall in demand for commercial aircraft, a volatile category. Excluding transportation-related goods, orders rose 0.5 percent.
The data suggests businesses may be loosening their purse strings after more than a year of cutbacks that have weighed on the economy. Business investment spending is down 3.9 percent this year compared with 2015.
True Crime
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
