U.S. business equipment orders rebounded in October, suggesting that investment plans are holding up despite economic uncertainty.
Capital spending plans by American manufacturers have stood firm despite higher interest rates and a cool down in demand, as resilient domestic consumer spending continues to sustain production.
The manufacturing sector, which currently accounts for 11.3 percent of the U.S. economy, has been hurt by a strong dollar due to the Federal Reserve’s tight monetary policy, an inventory overhang, and weakening global demand.
Durable goods orders in October rose by 1 percent, or by $2.8 billion, on a monthly basis to $277.4 billion, according to the U.S. Census Bureau data released on Nov. 23….