MAY FACTORY ORDERS UP 0.6%, EX-TRANSPORTS UP 0.4%
The value of new orders from manufacturers rose 0.6% in May ,just above expectations but below the upwardly revised 1.3% gain in April (previously reported as 1.1%).
Excluding transportation equipment, new orders rose 0.4%, their 3rd consecutive rise. New orders for nondefense goods rose 0.3%.
Durable goods orders were flat, with increased computer orders netting out large declines in construction machinery, mining and oil field machinery, and ventilation equipment. Transportation equipment orders were up 2.5% with nondefense and defense aircraft and parts leading the way. New orders for nondefense capital goods were up 0.7%, while defense capital goods leapt 12%..
Nondurable goods orders rose 1.2% in May, following a 3.5% gain the prior month and again driven by higher prices of petroleum and food products, as well as a 5% jump in pesticides and fertilizers.
The value of overall inventories was up 0.5% from April, with durable goods inventories up 0.4%, boosted by a 2.5% increase in auto inventories. Shipments edged up 0.1% with shipments of durable goods falling back into negative territory, down 1.1% on the month.
On a y-o-y basis new orders were up 5.5%, durable goods orders were down 0.2%, and new orders for nondefense capital goods excluding aircraft were 0.4% lower.