New orders for core capital goods (nondefense capital goods excluding aircraft) rose 0.6 percent in August compared with July, and shipments rose 0.1 percent over the previous month. In addition to the August increases, July data for orders and shipments were revised higher. The three-month annualized growth rate for shipments rose to 12.7 percent in August, suggesting strong momentum for business investment in equipment heading into the fourth quarter. Year-over-year growth rates remain modest compared with the first several years of the recovery.
