WASHINGTON (Reuters) – New orders for key U.S.-made capital goods increased more than expected in June and shipments accelerated, but the gains were likely insufficient to avert a historic plunge in business investment and the economy in the second quarter amid the COVID-19 pandemic.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 3.3% last month, the Commerce Department said on Monday. These so-called core capital goods orders rose 1.6% in May.

Economists polled by Reuters had forecast core capital goods orders advancing 2.3% in June.

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