US manufacturing new orders up in July

New manufacturing orders in the US increased by 0.9% month-on-month in July, exceeding the market expectation of 0.7%.

The value of new manufacturing orders in the country reached $663.6 billion in July, the US Department of Commerce stated on Wednesday.

New manufacturing orders had decreased by 0.2% in June to $657.8 billion.

New orders for durable goods increased by 1.1% in July, while orders for non-durable goods rose by 0.7%.

New manufacturing orders are considered one of the leading indicators of the future performance of the manufacturing sector, which holds a significant place in the US economy.