A rebound in transportation purchases helped drive an improving durable goods report.
New orders for manufactured big-ticket items rose a seasonally adjusted 2.3% month-over-month in May, a reversal of April’s surprise 1.3% decline, as reported by the Commerce Department.
Transportation equipment led the increase rising by $5.2 billion or 7.6 percent to $74.2 billion after two straight monthly declines.
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Aircraft orders, excluding defense, rose 27.4% slightly less than the prior month's 31.5% increase.
Minus the transportation component, orders rose 0.3%, slightly lagging April’s 1.0% pop.
Orders for core capital goods, a closely watched proxy for business spending, dropped 0.1% in May, well below the previous month’s 2.2% spike.