U.S. Factory Orders Show Significant Rebound In May
July 02 2020 - 6:29AM
RTTF2
New orders for U.S. manufactured goods showed a substantial
rebound in the month of May, according to a report released by the
Commerce Department on Thursday.
The Commerce Department said factory orders spiked by 8.0
percent in May after plunging by a revised 13.5 percent in
April.
Economists had expected factory orders to surge up by 8.9
percent compared to the 13.0 percent plunge originally reported for
the previous month.
The rebound in factory orders came as durable goods orders
soared by 15.7 percent in May following an 18.3 percent nosedive in
April. Orders for transportation equipment led the rebound,
skyrocketing by 82.0 percent.
The report also showed a notable rebound in orders for
non-durable goods, which jumped by 2.0 percent in May after
tumbling by 9.3 percent in April.
The Commerce Department also said shipments of manufactured
goods surged up by 3.1 percent in May following four consecutive
monthly decreases.
Meanwhile, inventories of manufactured goods edged up by 0.2
percent in May after falling by 0.5 percent in the previous
month.
With shipments increasing by much more than inventories, the
inventories-to-shipments ratio dropped to 1.65 in May from 1.70 in
April.
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