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Sometimes the economic news of the day seems to be about nothing but policy chaos. Yet perhaps the most underreported story now is about the things free men and women are permitted to do without any interference at all from government. Today brings another pleasant surprise about U.S. prosperity. Reuters reports: New orders for key U.S.-manufactured capital goods
increased more than expected in November, suggesting business spending on equipment maintained a steady growth pace in the fourth quarter. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, rose 0.7% after a downwardly revised 0.3% gain in October, the Commerce Department’s Census Bureau said on Monday. Economists polled by Reuters had forecast these so-called core capital goods orders increasing 0.3% after a previously reported 0.5% advance in October. Shipments of core capital goods rose 0.4% after gaining 0.8% in
October. Trend Macrolytics responds to the news in a note to clients that emphasizes the value of businesses investing in capital expenditures, known as capex:
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