Optimistic Outlook Fades

Slower growth in new orders and a reduction in order backlogs led to a decrease in manufacturers’ optimism in July for near-term business, Dun & Bradstreet Corp. reported Thursday.

A D&B survey of builders found that their expectations last month also declined.

Douglas P. Handler, an economist for D&B, said that while optimism about manufacturing conditions for the coming three months is now at its lowest level so far in 1994, it still is better than during most of last year.

As a result of the caution, hiring intentions in the manufacturing sector last month reached the lowest level since November, D&B reported.