Durable goods orders, consumer confidence up

WASHINGTON (AP) — Orders to factories for big-ticket manufactured goods rose 0.8% - the fastest pace in four months in June - a much stronger showing than had been expected. Consumer confidence for July also rose, 4.8 points. The Commerce Department reported Friday that orders for durable goods — items expected to last at least three years —increased 0.8% last month, far better than the 0.4% decline that economists had been expecting. It's the best showing since a 1.1% rise in February and reflects strength in demand for heavy machinery, primary metals such as steel and even a slight rebound in the beleaguered auto industry. New orders for motor vehicles and parts rose 1.8%, the best showing in 11 months. When volatile transportation orders were excluded, orders climbed 2% last month, the sharpest rise since December. Orders... [read full story]