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Good News Keeps Coming, As US Factory Orders Jump in May

Posted Friday, July 3, 2020 by
Skerdian Meta • 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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