Durable Goods Orders Top Economist Estimates in May, Up 1.9%
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US durable goods orders for the month of May rose more than expected Friday, rebounding from a revised reading of down 2.7 percent in April.
Orders for products expected to last at least three years was up 1.9 percent last month, better than the 1.5 percent rise economists on the Street had been expecting.
Excluding orders for the volatile yet important transportation sector, durable goods orders were actually worse than expected at up 0.6 percent. The Street had been looking for a reading of up 0.9 percent. April's reading was revised rather sharply higher from an initial down 1.5 percent to down just 0.4 percent.
Capital goods orders for the month rose 1.6 percent, while capital goods shipments rose 1.4 percent.
The seemingly reassuring data points come as factories around the country remain constrained following the massive March earthquake in Japan.
Market players often use durable goods orders as an indicator of future production levels.
Orders for products expected to last at least three years was up 1.9 percent last month, better than the 1.5 percent rise economists on the Street had been expecting.
Excluding orders for the volatile yet important transportation sector, durable goods orders were actually worse than expected at up 0.6 percent. The Street had been looking for a reading of up 0.9 percent. April's reading was revised rather sharply higher from an initial down 1.5 percent to down just 0.4 percent.
Capital goods orders for the month rose 1.6 percent, while capital goods shipments rose 1.4 percent.
The seemingly reassuring data points come as factories around the country remain constrained following the massive March earthquake in Japan.
Market players often use durable goods orders as an indicator of future production levels.
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