GOVERNMENT REPORT SERIES
The Commerce Department published Tuesday that factory orders rose 1.6% in May after advancing 0.7% in April. The street had forecast factory orders would rise about 0.6%.. The Institute for Supply Management’s national factory activity index contracted for a second straight month, which indicates companies are hiring.
Report details
In May, there were increases in orders for primary metals, machinery and transportation equipment, among others. Orders for computers and electronic products also rose 0.5%, while orders for electrical equipment, appliances and components declined 1.0%.
Shipments of manufactured goods gained 1.8% after accelerating 0.6% in April. Inventories at factories increased 1.3%. Unfilled orders rose 0.4% in May compared to a gain of 0.5% in April.
Orders for non-defense capital goods excluding aircraft, which are an indicator of business spending plans on equipment, increased 0.6% in May surpassing 0.5% as April.
Shipments of core capital goods, which calculate business equipment spending in the gross domestic product report, advanced 0.8% in May, equaling last month.
Manufacturing accounts for 12% of the U.S. economy for goods, but keep a close watch on services spending,
