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- U.S. factory orders increase more than forecast in July
U.S. factory orders increase more than forecast in July
The U.S.
Commerce Department reported on Thursday that the value of new factory orders
rose 1.4 percent m-o-m in July, following a revised 0.5 percent increase in June
(originally a 0.6 percent m-o-m gain). That was the largest monthly increase in
industrial orders since August of 2018.
Economists had
forecast a 1.0 percent m-o-m advance.
According to
the report, orders for transportation equipment surged 7.0 percent m-o-m in July
after growing 4.1 percent m-o-m in June. There were also gains in orders for
computers and electronic products, and electrical equipment, appliances and
components. Meanwhile, machinery orders dropped 0.8 m-o-m after rising 1.7
percent m-o-m in June.
Total factory
orders excluding transportation, a volatile part of the overall reading, rose
0.3 percent m-o-m in July (compared to a 0.1 percent m-o-m drop in June), while
orders for nondefense capital goods excluding aircraft, a measure of business
spending plans, increased 0.2 percent m-o-m (compared to a 0.9 percent m-o-m
climb in June). The report also showed that shipments of core capital goods fell
0.6 percent m-o-m in July, following a flat m-o-m performance in June.
In y-o-y terms,
factory orders increased 0.4 percent in July.
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