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Good News Keeps Coming, As US Factory Orders Jump in May
Factory orders were already volatile last year, as the trade war between US and China disrupted manufacturing worldwide. But in March, the orders fell by 10.3% and in April the decline increased to -13%, which was revised higher to 13.5% today. Although, the bad times are already over, as yesterday’s report for March showed. Factory orders increased by 8% during that month. In June the increase should be even bigger, so things are getting back to normal. Below is the report:
May 2020 US factory orders
- May factory orders +8.0% vs +8.7% expected
- April factory orders were -13.0
Durable goods orders revisions:
- Prelim orders +15.8%
- Revised to +15.7% vs +15.8% expected
- Durable goods ex transportation +3.7% vs +4.0% expected
- Capital goods orders non-defense ex air +1.6% vs +2.3% expected
- Capital goods shipments non-defense ex air +1.5% vs +1.8% prior
Although, the downgrade in core capital goods orders is a sign that companies are reluctant to invest coming out of the jaws of the pandemic. It’s no surprise to see some wait-and-see sentiment but it’s one of the rare economic misses lately (original consensus was +4.0% in the prelim report).
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