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U.S. factory orders rise 2% in June, above forecast

U.S. factory orders rose 2% in June, the government said Wednesday, in a report that offered some good news about the economy. Economists polled by MarketWatch had forecast a 1.2% gain. Orders for durable goods made to last at least three years climbed a revised 2% in June, up from an initial 1.9%. Most of the increase was in autos and military planes. Orders for nondurable goods such as clothing and food products also rose 2%. Orders for nondefense capital goods, excluding aircraft rose a revised 0.7%, up from the prior reading of a 0.5% gain. Manufacturers are growing more slowly as the economy decelerates, but they are still growing.

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