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27.06.2024

U.S. durable goods orders surprisingly rise in May

The U.S. Commerce Department reported on Thursday that the durable goods orders edged up 0.1 per cent m-o-m in May, following a downwardly revised 0.2 per cent m-o-m gain (from +0.7 per cent m-o-m) in April. This was the fourth straight monthly advance in durable goods orders. 

Economists had forecast a 0.1 per cent m-o-m fall.

According to the report, the May uptick was due to gains in orders in 3 of 9 sectors, including transportation equipment (+0.6 per cent m-o-m), fabricated metal products (+0.3 per cent m-o-m) and computers and electronic products (+0.1 per cent m-o-m). Meanwhile, capital goods (-0.5 per cent m-o-m) and machinery (-0.5 per cent m-o-m) recorded the biggest decreases in orders.

Orders for durable goods excluding transportation edged down 0.1 per cent m-o-m in May, following an unrevised 0.4 per cent m-o-m increase in the previous month, worse than economists’ prediction of a 0.2 per cent m-o-m gain.

Elsewhere, orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.6 per cent m-o-m last month after an unrevised 0.3 per cent m-o-m advance in April. This marked the steepest monthly decrease since December 2023 (-0.6 per cent m-o-m). Economists had forecast a 0.1 per cent m-o-m rise in core capital goods orders for May.

On a y-o-y basis, durable goods orders rose 0.1 per cent, while orders, excluding transportation, climbed 1.9 per cent.

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