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New orders for manufactured goods climbed to $663.6 billion, reversing two consecutive monthly declines
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New orders for U.S. manufactured goods rose 0.9% in July to $663.6 billion, rebounding after a 0.2% drop in June, the Census Bureau said on Wednesday. Economists polled by Reuters had forecast a 0.6% rebound.
Transportation equipment drove the overall rebound, advancing 2.3% to $116.2 billion. Nondefense aircraft and parts accounted for much of that gain, surging 12.7% to $19.8 billion, while defense aircraft and parts added 4.9%. Motor vehicle bodies, parts, and trailers edged up 0.4%.
