Core U.S. business investment showed signs of fatigue at the start of 2026, as January orders for non-defense capital goods excluding aircraft were flat on a month-over-month basis. The key gauge of underlying business spending registered 0.0% in January 2026, down from a 0.6% increase in December 2025.
The data, updated on 13 March 2026, indicate that the solid gain seen at the end of last year did not carry over into the new year. On a month-over-month comparison, the current reading suggests that companies may have paused or slowed new investment in equipment and machinery after a stronger prior month. While one month of stagnation does not establish a trend, the shift from 0.6% to 0.0% will likely draw attention from analysts watching for early signs of cooling in corporate capital spending.
