U.S. Capital Goods Orders Decline for First Time in a Year
“Orders placed with U.S. factories for business equipment unexpectedly declined in February for the first time in a year, likely representing a pause in capital spending after a sharp rise a month earlier. The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, decreased 0.3% after an upwardly revised 1.3% gain a month earlier, Commerce Department figures showed Thursday. The median estimate in a Bloomberg survey of economists called for a 0.5% advance.”
Euro-Zone Economy Faces Inflation Surge From Russia’s War
“The euro-area economy is reeling from surging inflation and new supply-chain disruptions after Russia’s invasion of Ukraine boosted energy costs and clouded the outlook for global growth. The region’s manufacturing sector is facing an “unprecedented” rise in costs for parts and raw materials that will feed through to consumer prices in the coming months, according to a survey of purchasing managers published by S&P Global — the first since the conflict broke out on the currency bloc’s doorstep.”
China’s Consumers Face Deeper Economic Damage From Covid Lockdowns
“China is facing a temporary hit to factory production and a lingering consumer slump amid the strictest Covid controls since the initial outbreak two years ago. Company statements and high-frequency indicators suggest a drop in output and spending in March after China imposed lockdowns in key cities like technology hub Shenzhen and Changchun, a center for automakers. Official activity data won’t be available for several weeks still.”
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