Factory Orders Up in May

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Orders to U.S. factories for manufactured goods rebounded in May following a big decline in the previous month as strengthened demand for petroleum and chemicals offset weakness in commercial aircraft and autos, the Los Angeles Times reports.


The Commerce Department reported Wednesday that new orders rose by 0.7 percent in May following a 2 percent plunge in April. The slight increase left orders at a seasonally adjusted $399.9 billion in May. The gain was significantly better than the 0.1 percent increase analysts had been expecting.


The overall strength in May stemmed from a 1.6 percent rise in demand for nondurable products which offset a 0.2 percent drop in demand for durable goods, big-ticket items expected to last three or more years.

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