U.S. Businesses Plan Big Spending Spree : Economy: Commerce Department says 8% increase in ’94 represents the most capital investment in five years.

Encouraged by the expanding economy, American businesses are planning a big increase in investments for new buildings and equipment.

The Commerce Department said Thursday that businesses plan an 8% increase in 1994, which would be the biggest increase in capital investment since an 11.4% jump in 1989.

The latest figure is sharply higher than the estimated 5.4% rise that businesses had projected just three months ago. Last year’s increase was 7.1%.

“It’s consistent with the recent stronger-than-expected growth in the economy,” said economist Priscilla Trumbull of the WEFA Group, a Bala Cynwyd, Pa.-based forecasting firm.

She said she was not surprised that the government attributed a big part of the projected rise to the automobile industry. “Car sales have really been much stronger than three to six months ago,” she said.

In other reports Thursday:

* The number of Americans filing first-time claims for jobless benefits rose by 6,000 last week, the Labor Department said.

* Thirty-year, fixed-rate mortgages averaged 8.47% this week, up from 8.04% last week and the highest in nearly two years, according to the Federal Home Loan Mortgage Corp.

Commerce Secretary Ron Brown said of the rising investment-spending plans, “The increase demonstrates that investment is not being choked off by the recent run-up in long-term (interest) rates.” He said improving profits and cash flow, and strong demand also are spurring more investment.

Marilyn Schaja of Donaldson, Lufkin & Jenrette Securities Corp. in New York, said of the jobs report: “The data fit with the impression of a gradually improving labor market, not one that is roaring ahead.”

The reports did not appear to have a dramatic impact on the stock market, which was mixed after a recovery earlier this week.

Several thousand businesses surveyed by the Commerce Department during the first quarter of 1994 said they would spend $633 billion this year--up from $586 billion last year--on constructing and modernizing buildings, installing new computers, and upgrading other equipment and machinery.

Spending rose 3.4% in 1992 after a rare 0.8% decline in 1991.

Companies have been buying computers and other high-tech equipment to streamline their operations. Until recently, payroll expansion has not kept pace. But last week, the Labor Department reported that 456,000 Americans were added to payrolls in March, the biggest increase in more than six years.

Manufacturers plan a 7.5% increase in investment spending this year, compared to a 3% rise in 1993. Non-manufacturing companies plan an 8.3% jump on top of last year’s 9.1% increase.