Gauge of U.S. investment plans down more than initially thought
WASHINGTON, (Reuters) - A gauge of U.S. investment plans slipped more in August than initially estimated, giving a cautionary sign for the economic outlook.
New orders for non-military capital goods outside of aviation fell 0.8 percent in August, the Commerce Department said on Friday.
The government had previously reported that this gauge, which is a leading indicator of business investment, had fallen 0.2 percent during the month.
Shipments of this category of goods also fell, declining a sharper-than-initially reported 0.4 percent and giving a bearish signal for third-quarter economic growth.
New orders for overall U.S. factory goods fell 1.7 percent in August, Friday's report showed. Analysts had expected new orders for factory goods to fall 1.2 percent.
((Reporting by Jason Lange; Editing by Andrea Ricci))
© Thomson Reuters 2017 All rights reserved.