WASHINGTON-Demand for long-lasting factory goods declined in May for the second straight month, a possible sign of softness in the US manufacturing sector.
United States durable goods orders declined 1.1% for May compared with consensus forecasts of a 0.5% decline for the month.
Orders for goods made to last more than years dropped by 1.1% month-on-month in May to reach to $228.18bn, according to the Department of Commerce. Core capital goods shipments are used to calculate equipment spending in the government's gross domestic product measurement.
Total U.S. industrial production rose 2.2% in May from a year earlier, including 1.4% growth for manufacturing output, according to Federal Reserve data.
Orders for durable goods - products created to last at least three years, such as jet planes and industrial robots - decreased 1.1% from April to a seasonally adjusted $228.18 billion in May, the Commerce Department said Monday.
The outlook for capital-goods production is clouded by cooling automobile sales, while overseas markets - though improving - are yet to show the kind of demand acceleration that would spur exports of USA -made goods.
Total orders for durable goods fell 1.1 percent to $228.2 billion, almost twice the decline forecast by analysts. US stocks dipped in pre-market trading but had rebounded to trade mostly higher later in the session.
Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or longer, fell 1.1 percent in May, the biggest decline since November. Treasury yields fell and the dollar.DXY was trading lower against a basket of currencies after the release of the data. U.S.
Durable goods excluding defense and aircrafts dropped by 0.2% in May, compared to expectations for a 0.3% gain. Vehicles posted a 1.2% gain. Civilian aircraft orders declined 11.7 percent and bookings for defense aircraft and parts plummeted 30.8 percent. Ex-transportation orders had been expected to rise by 0.5 percent.
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