US durable goods orders fall at faster pace than expected in May
The decrease was attributed to weak overseas demand stemming from a stronger dollar as well as subdued business investment while lower orders in the transportation sector, which plunged 6.4% following a decrease of 4% in April, also helped cause a decrease in May figures.
The report also showed that orders for non-defense aircraft and parts slumped 35.3% while orders for non-defense capital goods edged up 0.4% after falling 0.3% in the previous month. Excluding orders for transportation equipment, the country’s durable goods orders were up 0.5% in May compared with a 0.3% decrease in April, in line with economists’ forecasts. Orders for computers and electronic products also rose 2.2% in May.
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