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- U.S. durable goods orders increase less than expected in May
U.S. durable goods orders increase less than expected in May
The
U.S. Commerce Department reported on Thursday that the durable goods orders rose
2.3 percent m-o-m in May, following a revised 0.8 percent m-o-m drop in April
(originally a 1.3 percent m-o-m decline). This was the largest monthly advance
in durable goods orders since January.
Economists
had forecast a 2.8 percent m-o-m increase.
According
to the report, the May gain was driven by a 7.6 percent m-o-m climb in orders
for transportation equipment. Meanwhile, orders for durable goods excluding
transportation edged up 0.3 percent m-o-m in May, following a revised 1.7 percent
m-o-m increase in April (originally a 1.0 percent m-o-m gain), missing
economists’ forecast for a 0.8 percent m-o-m advance.
Elsewhere,
orders for non-defense capital goods excluding aircraft, a closely watched
proxy for business spending plans, decreased 0.1 percent m-o-m in May after a
revised 2.7 percent jump m-o-m in April (originally a 2.2 percent m-o-m gain).
Economists had called for a 0.6 percent m-o-m increase in core capital goods
orders in May.
Shipments
of these core capital goods went up 0.9 percent m-o-m in May after a revised 1.0
percent m-o-m rise in the prior month (originally a 0.9 percent m-o-m increase).
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