Orders for Big-Ticket U.S. Goods Rose in May
By Bryan Mena
Orders for long-lasting goods rose 0.7% in May, driven by an
increase in big-ticket items including cars, computers and military
New orders for products meant to last at least three years
increased to a seasonally adjusted $267.2 billion in May, the
Commerce Department said Monday, marking the seventh increase in
the last eight months.
New orders for nondefense capital goods excluding aircraft,
so-called core capital goods and closely watched proxy for business
investment, rose 0.5% to $73.5 billion in May compared with the
Nondefense aircraft and parts orders were down 1.1% in May,
following a rebound in April from the prior month, while
defense-related aircraft orders rose 8.1%.
Excluding defense, orders of durable goods rose 0.6%.
Economists surveyed by The Wall Street Journal had forecast a
0.2% increase for overall durable goods orders.
Figures on manufacturing output in May offer a mixed picture for
demand. The Federal Reserve earlier this month said manufacturing
output fell in May for the first time this year, pulling overall
industrial output down to a slower pace of growth.
Major retailers such as Best Buy Co. reported weakening sales
this month, which could signal a pullback in consumer demand.
Write to Bryan Mena at firstname.lastname@example.org
(END) Dow Jones Newswires
June 27, 2022 09:12 ET (13:12 GMT)
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