New orders for key U.S.-manufactured capital goods surprisingly increased in May, according to data released by the U.S. Census Bureau on June 27.
Orders for non-defense capital goods increased 0.7% in May, but data for April was revised lower to show the so-called “core capital goods” rising 0.6% instead of 1.3% as previously reported.
The revised April data suggests businesses remained cautious about investing amid economic uncertainty, according to an analysis from Yahoo News.
Economists polled by Reuters had forecast core capital goods orders would be unchanged, according to Yahoo News.
New orders for manufactured durable goods in May — up three consecutive months — increased $4.9 billion, or 1.7%, to $288.2 billion, according to the Census Bureau. This followed a 1.2% April increase.
Excluding transportation, new orders increased 0.6%. Excluding defense, new orders increased 3%. Transportation equipment, also up three consecutive months, led the increase, with $3.9 billion, or 3.9%, to $102.6 billion.
Shipments of manufactured durable goods in May, which have risen two of the last three months, increased $4.8 billion, 1.7%, to $282.7 billion. That follows a 0.6% April decrease. Transportation equipment, also up two of the last three months, led the increase, at $4.0 billion, or 4.6%, to $91.8 billion.
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