U.S. factory orders plunged in July after four straight monthly gains


Orders for U.S. manufactured goods fell a sharp 2.1% in July, the Commerce Department said Tuesday. This is the first decline after four straight monthly gains.

Economists surveyed by the Wall Street Journal were expecting a 2.3% fall in July.

Excluding transportation, orders rose 0.8% in July after a 0.3% gain in the prior month.

Economists said that higher interest rates are putting pressure on business equipment spending.

Durable-goods orders fell 5.2 % in July, unrevised from the data that was released on Aug. 24. Non-durable goods orders rose 1.1%. 

Orders for nondefense capital goods, excluding aircraft, rose 0.1% in July, also unrevised from prior estimate. 

U.S. stocks DJIA SPX were trading lower on Tuesday following the long holiday weekend.

This article was originally published by Marketwatch.com. Read the original article here.

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