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Last Week’s Highlights
US Durable Goods Orders Rise in June
Durable goods orders in the US rose by 7.3% in June, marking a sustained rebound after the plunge earlier this year.
Data from the Commerce Department also showed a downward revision of May’s data which now stands at 15.1%.
Economists hoped an increase of 7.2% for June, but data beat estimates by a small margin. Orders for transportation drove the increase, rising 20% in June following a 78.9% increase in May.
The official data showed that orders for motor vehicles and parts jumped 85.7% which offset the declines for aircraft and parts orders.
Germany’s Business Confidence Improves for a 3rd Consecutive Month
Business confidence in Germany, Europe’s largest economy, continued to rise in July. Data showed that businesses were more satisfied with the current situation.
However, there was some optimism for the months ahead. Data from the German Ifo institute showed that business confidence rose to 90.5 in July, ...
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