Factory Orders Rise 2.1% In Line With Expectations

Factory orders climbed 2.1% month-over-month in May to $485 billion.

This was pretty much in line with expectations for a 2% rise.

April's reading was revisde up to show a 1.3% rise.

The factory order report gives more complete data on manufacturing than the durable goods report.

This comes after Monday's ISM report showed that manufacturing expanded in June, after a contractionary reading in May.

This also follows on the PMI report that showed manufacturing expanding but at a slower pace.

Here's a summary frome the U.S. Census Bureau release:

"New orders for manufactured goods in May, up three of the last four months, increased $9.9 billion or 2.1 percent to $485.0 billion, the U.S. Census Bureau reported today. This followed a 1.3 percent April increase. Excluding transportation, new orders increased 0.6 percent.

"Shipments, up following two consecutive monthly decreases, increased $4.6 billion or 1.0 percent to $483.6 billion. This followed a 0.7 percent April decrease.

"Unfilled orders, up three of the last four months, increased $8.2 billion or 0.8 percent to $1,004.8 billion. This followed a 0.3 percent April increase. The unfilled orders-to-shipments ratio was 6.21, down from 6.28 in April.

"Inventories, up six consecutive months, increased $0.3 billion to $627.8 billion. This was at the highest level since the series was first published on a NAICS basis in 1992, and followed a 0.1 percent April increase. The inventories-to-shipments ratio was 1.30, down from 1.31."

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