Factory Orders Drop in June

Factory orders dropped 0.5% in June, the Commerce Department said Thursday.

The decrease followed a revised 0.5% increase in May, a smaller rise than originally reported.

Economists had forecast a 0.5% increase, Bloomberg reported.

Orders excluding transportation equipment dropped 1.8%, while durable goods orders climbed 1.3%.

Shipments of capital goods, excluding aircraft and military equipment, fell 1.7% in June.

The trucking industry relies on factory orders and shipments for much of its business.