Economists had forecast factory orders declining 3.3 percent in July. Manufacturing, which makes up about 12 percent of the U.S. economy, is strengthening even as the boost from oil and gas drilling is starting to fade as ample supplies restrain crude oil prices. Tuesday’s report also showed orders for non-defense capital goods excluding aircraft - seen as a measure of business spending plans - increased 1.0 percent in July instead of gaining 0.4 percent as reported last month.
US Factory Orders in line with market expectations
New orders for U.S.-made goods recorded their biggest drop in nearly three years in July, but orders for capital goods were stronger than previously reported, pointing to robust business spending at the start of the third quarter. Factory goods orders tumbled 3.3 percent amid a slump in demand for transportation equipment, the Commerce Department said on Tuesday. That was the biggest drop since August 2014. June’s data was revised to show orders rising 3.2 percent instead of the previously reported 3.0 percent surge.
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