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Economic news
04.09.2024

U.S. factory orders surge 5.0 per cent in July

The U.S. Commerce Department informed on Wednesday that the value of new factory orders surged by 5.0 per cent m-o-m in July, following an unrevised 3.3 per cent m-o-m decline in June. This marked the strongest monthly rise in factory orders since July 2020 (+6.1 per cent m-o-m).

Economists had predicted a gain of 4.7 per cent m-o-m for July.

According to the report, orders for durable goods climbed 9.8 per cent m-o-m in July, led by a jump in transportation equipment (+34.7 per cent m-o-m). In addition, orders for nondurable goods grew by 0.8 per cent m-o-m.

Total factory orders excluding transportation, a volatile part of the overall reading, increased by 0.4 per cent m-o-m (compared to an unrevised 0.1 per cent m-o-m uptick in June), while orders for nondefense capital goods excluding aircraft, a measure of business spending plans, dipped 0.1 per cent m-o-m (compared to a 0.6 per cent m-o-m fall in June).

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