Durable goods were up in May, however there are signs that are showing they may be down in the upcoming Report for June.
U.S. factory orders rose 0.7% in May, surprising analysts, who expected a much smaller increase or even a decline, Nathan writes.
That included a 1.1% increase in machinery orders and a 2% increase in communications equipment.
Why it matters: It “showed manufacturers still had plenty of demand for their products even amid signs the economy was slowing,” MarketWatch reported.Yes, but: More recent data suggests June’s numbers could be a different story. An index of buying conditions for household durable goods from the University of Michigan survey fell to a record low this month.Axios Closer By Hope King and Nathan Bomey · Jun 27, 2022