RISE IN US FACTORY ORDERS BEATS EXPECTATIONS IN JULY

New orders for U.S. factory goods increased more than expected in July amid a rebound in demand for aircraft. Factory orders ​rose 0.9% after a revised 0.2% drop in June, the ‌Commerce Department's Census Bureau said on Wednesday. Economists polled by Reuters had forecast orders would rebound 0.6% after a previously reported 0.3% drop in June.

Orders ​advanced 6.5% on a year-over-year basis in July. Manufacturing, which ​accounts for 9.4% of the economy, is getting a tailwind ⁠from the artificial intelligence buildout, though the six-month U.S.-Israeli war with ​Iran is straining supply chains and keeping input prices elevated. An ​Institute for Supply Management survey on Tuesday showed manufacturers grumbling about higher prices in August because of the war and import tariffs, with some describing the economy as "annoying."

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