Factory orders rise less than expected

Factory orders rose 0.4% in July, according to the Census Bureau.

Economists had estimated the value of new orders that US manufacturers received in July rose 0.9% month-over-month. Excluding transportation, orders fell 0.6%.

The prior month’s data, however, was revised up to 2.2% from 1.8%.

Last week, the durable goods numbers beat expectations, climbing 2%, and 2.2% on a “core” basis which excludes volatile items. In a note to clients, Pantheon Macroeconomics’ Ian Shepherdson said this was an indication that the slowdown from the oil crash was lifting, and non-oil spending was rising again.

Today’s data showed that nondefense orders for capital goods rose 1.1%.

Here’s the latest chart of factory orders, with each bar showing the print of two months prior.

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