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- U.S. factory orders increase less than forecast in May
U.S. factory orders increase less than forecast in May
The U.S. Commerce
Department reported on Thursday that the value of new factory orders jumped 8.0
percent m-o-m in May, following a revised 13.5 percent m-o-m plunge in April
(originally a 13.0 percent m-o-m decline). That was the biggest monthly advance
in new orders since July 2014.
Economists had
forecast an 8.7 percent m-o-m increase.
According to
the report, orders for transportation equipment climbed 82.0 percent m-o-m in May
after a 48.9 percent m-o-m tumble in April. Notable gains also occurred in orders
for primary metals (+8.9 percent m-o-m), fabricated metal products (+7.4
percent m-o-m), and furniture and related products (+5.3 percent m-o-m). In
addition, orders were up in electrical equipment, appliances, and components (+1.0
percent m-o-m), computers and electronic products (+0.7 percent m-o-m), and
machinery (0.5 percent m-o-m).
Total factory orders excluding transportation, a
volatile part of the overall reading, rose 2.6 percent m-o-m in May compared
to a revised 8.9 percent m-o-m fall in April.
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