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- U.S. factory orders decrease more than forecast in May
U.S. factory orders decrease more than forecast in May
The U.S.
Commerce Department reported on Wednesday that the value of new factory orders
decreased 0.7 percent m-o-m in May, following a revised 1.2 percent decline in April
(originally a 0.8 percent m-o-m drop).
Economists had
forecast a 0.5 percent m-o-m drop.
According to
the report, orders for transportation equipment fell 4.6 percent m-o-m in May
after plunging 7.6 percent m-o-m in April, while orders for computers and
electronic products and machinery increased.
Meanwhile, total
factory orders excluding transportation, a volatile part of the overall
reading, edged up 0.1 percent m-o-m in May (compared to a 0.2 percent m-o-m
advance in April), while orders for nondefense capital goods excluding
aircraft, a measure of business spending plans, increased 0.5 percent m-o-m
(compared to a 1.1 percent m-o-m decline in April). The report also showed that
shipments of core capital goods climbed 0.6 percent m-o-m in May, following an advance of 0.4 percent m-o-m in April.
In y-o-y terms,
factory orders increased 1.6 percent in May.
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