Afternoon Coffee: Gallup Reports Drop in Economic Confidence, Census Says Factory Orders Rose in June

Gallup’s Economic Confidence Index fell to -12 during July, hitting the lowest monthly average since October 2014. The drop from -8 in June came after the Greek economic crisis made headlines and the Chinese stock market dropped.

The number of factory orders increased 1.8% or $8.7 billion in June to reach $478.5 billion, the US Census Bureau reported today. The rise reverses the downward trend seen the prior 2 months.

European officials are “doing everything we can” to finalize the Transatlantic Trade and Investment Partnership – a trade deal between the US and Europe – in 2016. Reps from both sides plan to meet in September, October and in December to discuss the pact.

US companies spent about $709 million and more than 6 million work hours in 2014 to comply with the Dodd-Frank Act, which requires companies to disclose “conflict minerals,” such as gold, tin and tungsten from the Democratic Republic of Congo, in their supply chains, a new report shows.

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