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Factory orders rise; business spending on equipment slowing

Tuesday, Jul 03 2018
Factory orders rise; business spending on equipment slowing

New orders for U.S.-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector, but business spending on equipment continued to show signs of slowing. Factory goods orders increased 0.4 percent amid strong demand for machinery, the Commerce Department said on Tuesday. Data for April was revised up to show orders falling 0.4 percent instead of the previously reported 0.8 percent decrease.

 

Economists polled by Reuters had forecast factory orders to be unchanged in May. Orders increased 8.7 percent on a year-on-year basis in May. Manufacturing, which accounts for about 12 percent of the U.S. economy, is being boosted by strong domestic and global demand, but growing shortages of workers as well as import tariffs are starting to strain the supply chain. Prices of U.S. Treasuries were trading largely higher while U.S. stocks rose. The dollar fell against a basket of currencies.

Last modified on Tuesday, 03 July 2018
More in this category: « Volume of retail trade unchanged in euro area Australian Retail Sales rose by 0.4% »

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