US economy

US factory orders rise for second month

New orders for US-made goods rose for a second consecutive month in June, though a key gauge of business spending plans climbed at a slower than expected pace.

Factory goods orders rose 0.7 per cent in June to $501.7bn, in line with expectations, the Commerce Department said on Thursday. That followed an 0.4 per cent increase the previous month.

A breakdown showed that orders for long-lasting goods rose 0.8 per cent in June, having declined in each of the past two months. Orders for transportation equipment rose 2.1 per cent

The Commerce Department also said non-defence capital goods orders, excluding aircraft — considered a gauge of business spending plans — rose just 0.2 per cent, compared to an initial report that it had climbed of 0.6 per cent in June. That was also slower than the 0.7 per cent increase reported the previous month.

The data comes amid fears of an escalating trade war, with President Donald Trump asking his trade representative on Thursday to look into raising proposed tariffs on China. The US has already imposed tariffs on imports of steel and aluminium


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