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American factory orders head south 0.8% in May
In May, US factory orders decreased 0.8% month-on-month, which is below the market consensus of a 0.5% decline, while shipments and core orders drop a hint at moderate improvements, as the research team at Nomura informed.
As follows from an advance report on durable goods orders, a great portion of the dip in headline factory orders was powered by a 3.0% sink in volatile transportation goods orders. Durable goods orders inched up 0.3% excluding this component. In addition to this, a proxy for real business equipment investment, core capital goods shipment was revised up to a 0.1% increase, implying steady progress in business investment.
Manufacturers’ inventories went down 0.1%, powered by a steep sag in petroleum as well as coal products inventories. Obviously, the given decrease might have taken place due to price effects because energy commodity prices have been moving lower in recent months.
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