Economics
US Durable Goods Orders Exceed Forecast in Broad Advance
- Bookings climbed 0.7% in May, well above 0.1% projection
- Shipments of core capital goods rose 0.8% for a second month
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Orders placed with US factories for durable goods rose more than expected in May, suggesting business investment so far remains firm even in the face of rising interest rates and mounting concerns about the economy.
Bookings for durable goods -- items meant to last at least three years -- increased 0.7% in May after a revised 0.4% advance a month earlier, Commerce Department figures showed Monday. The figures aren’t adjusted for inflation.