U.S. factory orders drop in July

WASHINGTON, Sept. 6 (Xinhua) -- U.S. factory orders took a hit in July, dropping 2.1 percent, according to data released from the Department of Commerce this week.

The slide was not as bad as the 2.3 percent decline that economists had expected.

When transportation is not calculated, factory orders increased 0.8 percent, on the heels of a 0.3 percent increase in June.

Orders for U.S.-manufactured durable goods dropped in July to the tune of 5.2 percent, with non-durable goods ticking up 1.1 percent.

This came as the Federal Reserve showed no signs of backing off its aggressive interest rate hikes amid the worst inflation in decades.