US factory orders rose only 0.4% in July

US factory orders rose only 0.4% in July, after a 2.2% bounce in June, disappointing the consensus estimate of 0.9%. Low oil prices were a factor. Private sector employment (ADP) rose 190k, slightly less than the 200k expected. Q2 unit labour costs fell 1.4%, against a -1.2% expectation. Non-farm productivity rose 3.3% vs 2.8% expected, reflecting a boost in output. ISM NY survey fell from 68.8 to 51.1.

The Fed's Beige Book of regional economic conditions reported a continued expansion, and slightly higher wages in some industries, but also effects in some regions from China's slowing and low oil prices.