A report released by the Commerce Department on Friday unexpectedly showed a sharp pullback in new orders for U.S. manufactured goods in the month of July.
The Commerce Department said factory orders slumped by 1.0 percent in July after surging by a revised 1.8 percent in June.
The steep drop surprised economists, who had expected factory orders to edge up by 0.2 percent compared to the 2.0 percent jump originally reported for the previous month.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.