【英文原文】
Where Consumers Fail, Can Businesses Lead?
If consumers aren't going to lead a strong economic recovery, businesses might have to. But they mightn't be up to the job.
One measure of business demand will come Wednesday morning with Census Bureau data on July durable-goods orders. Economists estimate orders for long-lasting goods made in U.S. factories surged 3% from June.
July's jump will likely be due mainly to a surge in orders for Boeing airplanes and the restart of automobile manufacturing after bankruptcy-related closures. Excluding transportation goods, some economists estimate orders rose a milder 0.5%.
To gauge business spending, economists further winnow the durable-goods data to one awkwardly named indicator called 'nondefense capital goods excluding aircraft.' This roughly measures what companies spend on factory equipment and the like. It has edged higher for the past three months after plunging to a 14-year low in the first quarter, though it is still down nearly 22% from a year ago.
Part of the decline in durables demand was a massive shelf-clearing by U.S. businesses amid fears of an economic collapse. That inventory clearance seems to be over, which should help the economy.
What the economy needs now is a business spending spree that will lead to a hiring boom and rising consumer incomes.
Businesses clearly have the cash. In the first quarter, nonfinancial companies had some $14.1 trillion in financial assets, according to Federal Reserve data, or 100.1% of gross domestic product, a record high.
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