Core Insights - In June, U.S. core capital goods orders unexpectedly declined, indicating a slowdown in equipment investment as the effects of preemptive purchasing before tariff increases faded [1] - The month-over-month change in non-defense capital goods orders, excluding aircraft, fell by 0.7%, contrary to the expected growth of 0.2% [1] - The May data was revised upward to a growth of 2.0% [1] Equipment Investment Trends - Core capital goods shipments increased by 0.4% in June, down from 0.5% in May [1] - Some businesses are beginning to delay capital expenditure plans due to heightened uncertainty regarding the final levels of tariffs [1] Manufacturing Sector Outlook - A survey by S&P Global indicated that the preliminary manufacturing PMI for July fell into contraction for the first time since December of the previous year [1] - S&P noted that while import tariffs provided some protective effects, rising prices and increased costs have become greater concerns for businesses [1]