Good News Keeps Coming, As US Factory Orders Jump in May
US factory orders jumped by 8% in May, but there were some caveats
Skerdian Meta•Friday, July 3, 2020•1 min read
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.
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