Solid growth in U.S. durable goods orders in May
Total durable goods orders shrank by 1.7% month-on-month to reach $248.5bn, according to the Department of Commerce. The consensus forecast had been for a decline of 1.4%.
Excluding transportation, orders were 0.9% higher to $161.4bn, helped by big increases in those of primary metals, fabricated metal products, machinery and computers and related products.
Orders for non-defence aircraft and parts on the other hand plummeted by 29.0% on the month to $16.22bn, albeit after a 60.7% jump in the typically very volatile series during the month before.
Capital goods orders, excluding those for aircraft, a closely-followed lead indicator of investment trends, shot up 1.0% on the month to reach $67.275bn. Versus a year ago they jumped by 7.7%.
Shipments of 'core' capital goods also rose, inreasing by 0.8% on the month to $67.31bn. ■