Washington: New manufacturing orders in the US increased by 0.9% month-on-month in July, exceeding the market expectation of 0.7%.

According to Anadolu Agency, the value of new manufacturing orders in the country reached $663.6 billion in July, as reported by the US Department of Commerce on Wednesday. This rise followed a decrease of 0.2% in June, when orders were valued at $657.8 billion.

Orders for durable goods saw a notable increase of 1.1% in July, while orders for non-durable goods also experienced a rise of 0.7%. These figures indicate a positive trend for the manufacturing sector, which is a crucial component of the US economy.

New manufacturing orders are regarded as a leading indicator of the sector's future performance, providing insights into the economic trajectory.