FX.co ★ U.S. Core Capital Goods Orders Slow Sharply in July, Signaling Softer Investment Momentum

New data show a marked cooldown in U.S. core capital goods demand, with Non-Defense Capital Goods Orders Excluding Aircraft rising just 0.2% month-over-month in July 2026, down sharply from a 1.7% gain in June.

The indicator, a closely watched proxy for business investment in equipment, suggests that the strong momentum seen in early summer has eased. June’s 1.7% increase, measured against May 2026, pointed to robust appetite for capital spending, but July’s softer 0.2% rise indicates companies may be turning more cautious as they reassess investment plans.

The July reading, updated on 26 August 2026, compares the change in orders from June to July, while the previous figure reflects the shift from May to June. The deceleration in this key gauge of future production capacity will be closely watched by markets and policymakers for signs of how durable the U.S. investment cycle remains in the second half of the year.