Durable goods orders are a good lead indicator for broader capex spending in the US. Unfortunately, ongoing weakness here suggests investment spending will remain a constraint on overall growth with the US’ 2024 economic prospects being determined by the consumer. Investment has lagged behind other parts of the economy The US economy beat expectations throughout 2023, thanks primarily to the strength of consumer and government spending growth while net trade also made a positive contribution. The main disappointment was business investment. Private non-residential fixed investment is only up 11% on its pre-Covid ... (full story)