May Durable Goods Unexpectedly Rose 2.9%
Economists had expected a decline.
Durable goods orders data released this morning showed a surprising increase during May in demand for goods designed to last three years or more.
Overall, durable goods orders rose 2.9% for the month compared with expectations there would be no change in orders for the month. Excluding transportation, orders rose 2.7% compared to expectations for a 0.1% decline. The indicator, while volatile, is an important measure of health in the factory sector, and could indicate a turn in the slowing manufacturing sector.
Orders for computers and electronic products rose 2.7% during May, while orders for electrical equipment rose 3.4% and orders for general machinery grew 2.6%.
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