Orders for U.S. manufactured goods fell a sharp 2.1% in July, the Commerce Department said Tuesday. This is the first decline after four straight monthly gains.
Economists surveyed by the Wall Street Journal were expecting a 2.3% fall in July.
Excluding transportation, orders rose 0.8% in July after a 0.3% gain in the prior month.
Economists said that higher interest rates are putting pressure on business equipment spending.
Durable-goods orders fell 5.2 % in July, unrevised from the data that was released on Aug. 24. Non-durable goods orders rose 1.1%.
Orders for nondefense capital goods, excluding aircraft, rose 0.1% in July, also unrevised from prior estimate.
U.S. stocks
DJIA
SPX
were trading lower on Tuesday following the long holiday weekend.
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