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U.S. Firms Pull Back on Investment
Capital spending by S&P 500 companies grew less than 1% in the third quarter, and would have fallen without Apple and Amazon
By Theo Francis and
Thomas Gryta
Nov. 24, 2019 5:30 am ET
Many of the biggest U.S. companies are moderating their spending on equipment and other capital investment, as an uncertain business environment prompts some to postpone or shelve otherwise promising projects. That could pose a continuing drag on economic growth.
The pullback began as trade tensions escalated last fall, leaving companies unsure about their supply chains, pricing and profits. It has continued amid signs of slowing global growth and increasing consumer concerns about the future. Household names like Harley-Davidson Inc., AT&T Inc. and Target Corp. are joining small businesses in putting the brakes on investment.
Some companies have warned it could continue into next year, when the presidential and congressional election is expected to add even more uncertainty to business decision-making.
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