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 said Wednesday 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 expanded 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.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, called the 2.