- US factory orders increased 1.6%, up from 0.7% in April.
- Data follows a string of negative figures on consumer spending.
- In May, the Federal Reserve raised interest rates by 0.5 percentage points, followed by a more aggressive 0.75 percentage point hike in June.
In May, US factory orders grew more than anticipated, indicating that demand remained robust despite soaring inflation and rising interest rates.
In May, factory orders increased 1.6%, up from 0.7% in April, according to data released by the US Census Bureau on Tuesday. Refinitv’s survey of economists predicted a 0.5% increase.
As a proxy for business investment, new orders for non-defense capital goods excluding aircraft increased by 0.6% in May, following an increase of 0.5% in April.
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