Summary Box: Durable goods orders jumped in July

AP News
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Posted: Aug 24, 2011 4:22 PM
Summary Box: Durable goods orders jumped in July

ORDERS RISE: A big jump in orders for airplanes and autos drove up demand for long-lasting manufactured goods in July, easing fears the economy might slip into recession. Orders for durable goods rose 4 percent.

BUSINESS SPENDING DROPS: A key measure of business investment dropped 1.5 percent, the steepest decline since January. That suggests companies may be pulling back on expansion plans.

STOCK MARKET IMPACT: Economists worry that the stock market plunge earlier this month could cause businesses and consumers to cut back spending, which could cause future orders to fall.