Orders to U.S. factories for large manufactured goods rose for the second straight month, but the strength again came from a big increase in the volatile aircraft category. A category that tracks business investment also rose for the second straight month, though last month’s reading was revised down significantly.
The Commerce Department said Monday that orders for durable goods — or items meant to last at least three years — rose 2.1%. That follows a 1.8% gain in June, which helped to offset significant declines the in May and April.
A category that serves as a proxy for business investment rose 0.4%, but last month’s gain of 1.9% was revised down to 0.9%.
Excluding transportation, orders fell 0.4%, its biggest decline since March.
Commercial aircraft orders, notoriously volatile, rose 47.8%.