Businesses are investing in themselves at a record rate 📈

'Face it, the economy is strong' 💪

Core capex orders are up. (Source: U.S. Census Bureau, FRED)

Businesses are betting on more growth.

According to Census Bureau data released on Tuesday, orders for nondefense capital goods excluding aircraft — a.k.a. core capex or business investment — climbed 1.0% to a record $80.8 billion in March. This was notably stronger than the 0.5% economists expected.

These are orders for expensive equipment¹ like industrial machinery and electronic computers, which businesses use to produce the goods and services they sell to their customers.