Gain in Factory Orders Fails to Match Forecasts
Factory orders from US manufacturers increased by 1.3% in July, marking a bigger advance than June’s increase but failing to meet expectations for a 2% gain. June’s 0.4% gain was revised up to 0.9%, which to some extent fills in for the lower-than-anticipated headline in July.
The advance is a welcome addition to multiple data reports confirming an economic turnaround in the third quarter, yet details from US Census Bureau reveal that gains were not broad-based.
Aircraft orders from Boeing doubled compared to June and were largely responsible for the headline gain, which was the fifth advance in six months. When transportation is excluded, factory orders actually fell 0.7%.
Shipments for durable goods â€
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