Firms spending more on durable goods

Consumers are cautious about spending, the housing market is slumping without home-buying tax credits, and the European debt crisis has rattled investors.

But none of that seems to have dampened companies’ outlook.

Corporate investment “is not only growing but accelerating, which is an encouraging sign that business remains in an expansive mind-set,’’ Michael Feroli, an economist at JPMorgan Chase, wrote in a note to clients.

Overall, orders for durable goods — those expected to last three or more years — fell 1.1 percent last month, the Commerce Department said yesterday. But that was largely the result of a drop in demand for commercial aircraft.

Excluding the volatile transportation sector, orders rose 0.9 percent after falling in April.

Contributing to the strength was a 2.1 percent increase in business spending. Business orders for equipment and other capital goods rose 15.5 percent in the first five months of the year.

Companies are replacing outdated equipment and software to make their workers more productive, said Brian Bethune, chief US financial economist at IHS Global Insight.

They are exporting to developing economies in China, Brazil, and India, Bethune said. In particular, they are shipping construction and mining machines and oil and gas equipment.

Businesses are also buying more computers and networking equipment. New orders in that category rose 2.5 percent in May, the Commerce Department said.