US factory orders ticked up in August
WASHINGTON — Orders to U.S. factories edged higher in August, with a key category that tracks business investment plan rising for a third straight month.
Factory orders increased 0.2 per cent in August after a much larger 1.4 per cent gain in July, the Commerce Department reported Wednesday. However, the overall figure was heavily influenced by a swing in the volatile commercial aircraft category, which had jumped 72.9 per cent in July but declined 22.7 per cent in August.
A core category, which serves as a proxy for business investment, was up 0.9 per cent in August. It was the third straight monthly increase. Analysts are hoping the string of gains in the investment category could be a signal that businesses are beginning to spend again to expand and modernize their facilities.
Orders for durable goods, items intended to last at least three years like cars and home appliances, edged up 0.1 per cent in August. Demand for nondurable goods, a category that covers such items as chemicals and paper, rose 0.2 per cent in August after a 0.8 per cent decline in July.