US factory orders fall sharply in June on aircraft orders drop

Factory orders tumbled 4.8% after an upwardly revised 8.3% increase in May, the Commerce Department's Census Bureau said on Monday. Economists polled by Reuters had forecast factory orders would decline 4.8% after a previously reported 8.2% jump in May. Orders were up 3.8% on a year-over-year basis in June. Manufacturing, which accounts for 10.2% of the economy, remains constrained by President Donald Trump's aggressive tariffs on imported goods.