U.S. factory orders climb 6.4% in July in third straight increase

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U.S. factory orders rose 6.4% in July for a third straight increase, reflecting a rebound in manufacturing after the economy reopened. Economists polled by MarketWatch had forecast a 6.2% gain. New evidence from a closely followed ISM survey of manufacturing executives, what’s more, points to another increase in August. Orders for durable goods made to last at least three years climbed a revised 11.4% last month, up slightly from an initial 11.2% reading. Orders for nondurable goods such as clothing and food products rose a slower 1.8%. Manufacturers have rebounded faster than the much larger service side of the U.S. economy, though sales, production and employment still haven’t returned to precrisis levels.

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