U.S. Durable Goods Orders Unexpectedly Inch Higher In May

The Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods unexpectedly crept higher in the month of May.

The report said durable goods orders inched up by 0.1 percent in May after rising by a downwardly revised 0.2 percent in April.

Economists had expected durable goods orders to slip by 0.1 percent compared to the 0.6 percent increase that had been reported for the previous month.

The unexpected uptick by durable goods orders partly reflected an increase by orders for transportation equipment, which climbed by 0.6 percent in May after dipping by 0.1 percent in April.

Excluding the increase in orders for transportation equipment, durable goods orders edged down by 0.1 percent in May after climbing by 0.4 percent in April. Ex-transportation orders were expected to rise by 0.2 percent.

The report showed decreases by orders for machinery, primary metals and electrical equipment, appliances and components, while orders for fabricated metal products and computers and electronic products increased.

Meanwhile, the report said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, fell by 0.6 percent in May after rising by 0.3 percent in April.

Shipments in the same category, which is the source data for equipment investment in GDP, slid by 0.5 percent in May after climbing by by 0.4 percent in April.

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