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US factory orders fall more than expected in July

New orders for U.S. manufactured goods fell 0.8% to $497.75 billion in July from a revised $501.61 billion in June, according to the U.S. Census Bureau.

Econoday forecast factory orders to decrease 0.7% for the month.

New orders for manufactured durable goods dropped 1.7% to $247.18 billion in July from $251.50 billion in June, while new orders for manufactured nondurable goods edged 0.2% higher to $250.58 billion from $250.11 billion.

Total shipments of durable goods slipped 0.2% to $251.11 billion from $251.53 billion. Nondurable goods shipments increased 0.2% to $250.58 billion from $250.11 billion.

Unfilled orders for durable goods were flat at $1.165 trillion in July.

Inventories of manufactured durable goods rose 1.3% to $408.56 billion in July from $403.44 billion in June. Nondurable goods inventories ticked 0.2% higher to $267.28 billion from $266.77 billion.

The July inventories-to-shipments ratio was 1.35, up from 1.34 in June.