A key gauge of U.S. business investment rose at the fastest pace in several months in July, underscoring steady demand for equipment even as headline durable-goods bookings were knocked lower by a drop in aircraft orders.
Nondefense capital goods orders excluding aircraft—a closely watched proxy for business investment—climbed 1.1 percent last month, the Commerce Department said Tuesday. This was stronger than even the most optimistic forecasts and much better than the 0.3 percent consensus estimate. Core capital-goods shipments, which feed directly into GDP, rose 0.7 percent after edging up 0.1 percent in June.
By contrast, total…
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