Good News Keeps Coming, As US Factory Orders Jump in May
US factory orders jumped by 8% in May, but there were some caveats
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Last updated: Friday, July 3, 2020
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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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
