Weaker Orders, Investment Underscore Ailing US Manufacturing [BNN Bloomberg (Canada)]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: BNN Bloomberg
The government's first estimate of gross domestic product for the fourth quarter and a report on December factory orders for durable goods pointed to sizable downshifts in both spending on business equipment and bookings for core capital goods. The durable goods report Thursday showed orders for nondefense capital goods excluding aircraft — a proxy for business investment — dropped 0.2% in December after no change a month earlier. Over the fourth quarter, bookings for these core capital goods posted the weakest annualized gain since 2020. Shipments, an input for GDP, decreased for the third time in four months. “Taken in tandem with the output data where industrial production has declined in six of the past eight months, it is increasingly evident that the manufacturing recession is well underway,” Wells Fargo & Co. economists Tim Quinlan and Shannon Seery said in a note to clients. Also on Thursday, the GDP report showed outlays for business equipment dropped an annualized 3.7
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