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U.S. orders for core capital goods up 1.7%

By The Associated Press

This article was published November 27, 2012 at 8:14 a.m.

— U.S. companies in October increased their orders of machinery and equipment that signal investment plans by the largest amount in five months, a hopeful sign for future economic growth.

Orders for core capital goods, considered a proxy for business investment, rose 1.7 percent in October, the best showing since a 2.3 percent rise in May, the Commerce Department said Tuesday.

Orders in this category had slowed beginning in the spring, acting as a drag on overall economic growth.

Total orders for durable goods were unchanged in October at $216.9 billion after a 9.2 percent jump in September that had been driven by a surge in demand for commercial aircraft.

In October, demand for machinery, primary metals and communications equipment increased, while orders for autos, airplanes and computers fell.

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