Commentary: Reduced business spending is bad news for economy

08/23/2011 | Wall Street Journal, The

Business spending is slowing, indicating trouble for the economy because spending on equipment and software has been accounting for one-third of gross domestic product growth, columnist Kelly Evans writes. Manufacturing indexes from the Federal Reserve Bank of Philadelphia and the Federal Reserve Bank of Richmond dropped this month, signaling reduced spending. Economists are expected to watch the Institute for Supply Management's manufacturing index as well as the Commerce Department's durable-goods report, scheduled for release today.

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