World Economy

US Factory Orders Rise

US Factory Orders RiseUS Factory Orders Rise

New orders for US manufactured capital goods rose for a second straight month in July as demand for machinery and a range of other products picked up, offering a tentative sign that a business spending downturn was starting to ease, Reuters reported. The economic outlook also was boosted by another report on Thursday showing an unexpected drop in the number of Americans filing for unemployment benefits last week, indicating sustained labor market strength. Together, the data support the view that the Federal Reserve will raise interest rates in December. The US  Commerce Department said non-defense capital goods orders, excluding aircraft, increased 1.6% last month, the largest gain since January.