Companies Pulled Back on Orders for Big-Ticket Items in July

Businesses pulled back on orders for long-lasting goods in July, reflecting a cooling in demand amid other signs of a slowing U.S. economy.

New orders for durable goods—products meant to last at least three years—were unchanged at a seasonally adjusted $273.5 billion in July compared with the prior month, the Commerce Department said Wednesday. Excluding defense, new orders were up 1.2%.