U.S. Factory Orders Rise 1% in June

U.S. factory orders increased for a fourth straight month in June, a sign that production gains will help the economy accelerate in coming months.

The value of orders received by manufacturers rose 1% during the month after a revised 3.6% increase that was larger than initially estimated, the Commerce Department said. Orders increased for machines, computers and military equipment.

Unfilled orders surged in June by the most in four years, suggesting that factories were having trouble keeping up with demand, which may prompt them to boost production in coming months.