Numbers exceed expectations as businesses demonstrate solid confidence in American economy
WASHINGTON, D.C. – U.S. orders for durable goods rose 1.7 percent in July as bookings surged for commercial aircraft and demand increased for business equipment, the Commerce Department announced today. Orders exceed economists\’ predictions and were also revised to1.1 percent in June.
"The money that President Bush\’s tax cuts have given back to businesses has given them the confidence they need to grow," said ATR President Grover Norquist. "Thanks to the tax cuts, U.S. companies have overcome the economic shocks of recession, terrorism and war and been to move forward."
Durable goods are items designed to last three years or more, like airplanes, construction equipment, or computers. Economists think these figures are a great indicator of future business activity. Healthy durable goods orders indicate that firms are investing in ways to expand production and help foster long term economic expansion.
"President Bush\’s tax cuts are fueling the investment that will drive our economy into long term prosperity," continued Norquist. "The tax cuts should be made permanent to ensure that this crucial investment continues."