US factory orders continue to drop in July

By Mucahithan Avcioglu

ISTANBUL (AA) - US factory orders fell 1.3% month-on-month in July, continuing the downward trend from the previous month, according to official data released on Wednesday.

The value of orders in July totaled $603.6 billion in July, matching market expectations, US Census Bureau data showed.

The drop followed a 4.8% monthly decline in June. The orders were down three of the last four months.

Shipments, up for the three consecutive months, rose $5.3 billion, or 0.9%, to $608.3 billion.

Unfilled orders, up 12 of the last 13 months, ticked up $0.4 billion in July to $1.47 trillion.

Inventories, up nine of the last 10 months, increased $2.6 billion, or 0.3%, to $948.8 billion.

Meanwhile, the inventories-to-shipments ratio was at 1.56 in July, down from 1.57 in June.

Factory orders are important for shedding light on the near-future performance of the industrial sector – an important spot in the US economy.