US durable goods orders advance 2 percent in July; investment demand up sharply
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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 says 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 increased 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.
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While the July increase is encouraging, U.S. manufacturers still face a host of problems from a stronger dollar to economic turbulence in China, the world's second biggest economy.