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Weak US business spending plans in September is pointing to a sharp decline in economic growth, casting more doubts on whether the Federal Reserve will increase interest rates this year.
Despite woes over a recent moderation in job growth and its likely impact on income, consumer confidence dropped this month. But home prices accelerated in August.
Most economists projected it would be harder for the US central bank, slated to meet today, to raise rates from near zero in December due to disappointing business investment plans and sluggish job growth.
Non-defense capital goods, excluding aircraft, fell 0.3% last month following a downwardly revised 1.6% slide in August, according to the Commerce Department.
