Durable Goods Orders Rise
New orders for durable goods exceeded analysts' expectations in May, rising 1.1 percent to $272 billion, the U.S. Census Bureau announced. But transportation-related orders accounted for much of that increase.
Analysts expected a rise of just 0.5 percent in all orders. However, excluding transportation, orders increased only 0.4 percent.
Orders for durable goods are a signal of future manufacturing activity.
Transportation equipment, which has risen in three of the last four months, had the largest increase, $1.7 billion or 2.7 percent, to $63.1 billion. This was led by non-defense aircraft and parts, which increased $0.4 billion.
Meanwhile, shipments of manufactured durable goods increased in May and have now jumped in five of the last six months. May shipments increased $1.5 billion or 0.7 percent to $224.1 billion. This followed a 0.7 percent increase in April.
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