US factory orders slightly higher in July

New orders for US manufactured goods edged higher in July after a solid increase in June, led by gains for boats and ships, the Commerce Department reported Wednesday.

Factory orders rose 0.4 percent in July, slower than June's 2.2 percent rise.

But for the January-July period this year, orders were down 7.3 percent by value from the same period in 2014.

Orders for transportation equipment jumped 5.5 percent month on month on a surge in demand for ships and boats, up more than 19 percent, that offset declines for aircraft.

Excluding transportation equipment orders, which can be volatile month to month, July factory orders fell 0.6 percent after a gain of that size the prior month.

Manufacturing, which accounts for about three quarters of total US industrial output, has been under pressure from a stronger dollar weighing on exports.

But supporting manufacturers has been a steep fall in the prices of key commodities like steel used in production.