Economics

Demand for US goods soar despite pandemic. Factory Orders Jump 6.4% in July, Durable Goods Soar 11.4%

The resurgence of American manufacturing from the depths of the pandemic continued in July.

U.S. factory orders rose 6.4 percent last month, the third consecutive increase, the Census Bureau reported Wednesday. Orders were up 6.4 percent in June. Economists had forecast a 6.0 percent gain, a slowdown from the month before.

Orders for durable goods, those expected to last three years or longer, rose 11.4 percent. That’s an increase from the 11.2 percent rise initially reported and brings manufacturing in-line with its pre-pandemic level of activity.

Transportation equipment, also up three consecutive months, led the increase, $19.6 billion or 35.7 percent to $74.7 billion. New orders for manufactured nondurable goods increased $4.2 billion or 1.8 percent to $235.0 billion.

New orders for non-defense capital goods, excluding aircraft, rose 1.9 percent. That follows a 4.5 percent increase in June and a 1.5 increase in May.

Recent surveys of manufacturers suggest that the growth in the sector has continued in August.

Author: John Carney @carney, Breitbart Economics and Finance editor.
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