Orders for U.S. non-defense capital goods excluding aircraft, a key proxy for business investment, grew 0.6% in December 2025, easing from a 0.8% increase in November. The month-over-month figures, updated on 18 February 2026, indicate a modest but continued expansion in core durable goods demand.
The comparison shows that while corporate spending on equipment and machinery is still rising, the pace has slowed slightly heading into year-end. The November reading reflected a 0.8% gain versus October, while December’s 0.6% advance marks a softer, though still positive, momentum as firms adjust capital expenditure plans.
Because the data are measured on a month-over-month basis, December’s print suggests a marginal cooling rather than a reversal in investment trends. Markets and policymakers will be watching upcoming releases closely to see whether this deceleration continues or stabilizes, offering clearer signals about the durability of U.S. business investment in early 2026.
