Factory Orders Jump 10.5% in July
Factory orders increased 10.5% in July, the largest gain since records began in 1992, the Commerce Department reported Sept. 3.
July’s increase was lower than the forecast for 11%, according to the median forecast in a Bloomberg News survey.
The increase followed a revised 1.5% rise in June.
Manufacturing has been a source of strength this year, helped by robust demand for new cars, other consumer items and business equipment and economists expect that strength to continue, the Associated Press reported.
Durable goods orders rose 22.6% in July, following a 2.7% increase in June. Orders excluding transportation dipped 0.8% following a 1.4% increase the prior month.
The trucking industry relies on factory orders and shipments for much of its business.
