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FILE PHOTO: Customers shop at a Target store on the week of Black Friday shopping in Chicago, Illinois, U.S. November 26, 2024. REUTERS/Vincent Alban.
New orders for key U.S.-manufactured capital goods surged in November amid strong demand for machinery and electrical products, offering more signs that the economy is on solid footing as the year ends.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rebounded 0.7% after dipping 0.1% in October, the Commerce Department's Census Bureau said on Monday. Economists polled by Reuters had forecast these so-called core capital goods orders gaining 0.1%.
Core capital goods shipments increased 0.4% year on year.
(Reporting by Lucia Mutikani; Editing by Mark Porter)