Orders at U.S. factories recorded a sharp decline in July, driven by a drop in aircraft orders.
Orders for manufactured goods fell 3.3% to a seasonally adjusted $466.4 billion in July, marking the steepest drop since August 2014, the Commerce Department said Tuesday. Economists surveyed by The Wall Street Journal had predicted orders would fall 3.2%.
Orders in June were revised to a 3.2% increase from an initial estimate of a 3% increase.
Excluding transportation, orders were up 0.5% and have increased for two consecutive months. Excluding defense, another volatile category, orders fell 3.7%.
Orders for nondurable goods, which include products like fuel and drugs, increased 0.4% to $237.4 billion.
Source: Dow Jones