A headline decline of 2.8% was smaller than the 3.8% drop that was the consensus expectation. A separately reported drop in Boeing orders foreshadowed the second consecutive decline in aircraft orders; the July drop of 32.7% was smaller than the June decline. Defense spending also fell for a second straight month. The more significant development in this July data is that underlying business demand is holding up better than expected. Motor vehicle and parts orders rose, if only incrementally (up 0.3%), but setting aside the volatile transportation sector, durable goods orders notched a 1.1% gain. That is the best ... (full story)