WASHINGTON – Orders to U.S. factories for long-lasting manufactured goods rose in July, and demand in a key category that tracks business investment plans jumped by the largest amount in 13 months.
The Commerce Department says orders for durable goods increased 2 percent in July after a 4.1 percent gain in June.
Orders in a category that serves as a proxy for business investment increased 2.2 percent in July following a 1.4 percent rise in June. These orders had fallen in four of the previous five months, reflecting the soft patch that manufacturing has faced this year.
While the July increase is encouraging, U.S. manufacturers still face a host of problems from a stronger dollar to economic turbulence in China, the world's second biggest economy.