Factory orders increased a higher-than-expected 1.1% in June. The ISM services index rose 2.7 points to 58.7 in July, a recovery best. The U.S. trade deficit narrowed $3.2 billion to $41.5 billion in June. Consumer credit increased $17.26 billion (0.54%) in June to $3.21 trillion. Productivity for the 2nd quarter of 2014 increased an annualized 2.5%. Initial jobless claims fell 14,000 to 289,000 for the week ended 8/2.

• Factory orders increased a higher-than-expected 1.1% in June.

• The ISM services index rose 2.7 points to 58.7 in July, a recovery best.

• The U.S. trade deficit narrowed $3.2 billion to $41.5 billion in June. Exports were up 0.1% while imports fell 1.2%.

• Consumer credit increased $17.26 billion (0.54%) in June to $3.21 trillion. Non-revolving credit (i.e., auto loans and student loans) was up $16.31 billion while revolving credit (i.e., credit cards) was up $0.94 billion.

• Productivity for the 2nd quarter of 2014 increased an annualized 2.5%. Unit labor costs rose 0.6% annualized. Year-on-year, productivity is up 1.2%, and unit labor costs are up 1.9%.

• Initial jobless claims fell 14,000 to 289,000 for the week ended August 2nd.