U.S. factory orders drop in May after three straight gains

By Greg Robb

Orders fall 0.5%, versus forecast of 0.3% rise

Orders for manufactured goods fell 0.5% in May, the Commerce Department said Wednesday. It is the first decline after three straight monthly increases.

Economists surveyed by the Wall Street Journal expected a 0.3% gain in orders.

According to the report, durable-goods orders rose 0.1%, unrevised from the advance estimate released last week. Orders for durable goods have risen for four straight months. Nondurable-goods orders fell 1% in May.

Orders for nondefense capital goods, excluding aircraft, fell 0.6% in May, unrevised from the prior estimate. Shipments of these key orders fell 0.6%.

Stocks SPX were slightly higher in early trading on Wednesday, while the 10-year Treasury yield BX:TMUBMUSD10Y fell to 4.368%.

-Greg Robb

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07-03-24 1046ET

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