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U.S. factory orders for business equipment increased in July for a third month, at the same time shipments of such goods plunged the most since October 2016 in a sign that capital investment remains tepid in light of slower global growth and a ratcheting up of trade tensions.
Bookings for non-military capital goods orders excluding aircraft — a proxy for business investment — rose 0.4% after a downwardly revised 0.9% gain in the prior month, according to Commerce Department figures Monday. Shipments of non-defense capital goods excluding aircraft — a measure used in GDP calculations — dropped 0.7% after no change a month earlier.
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