Durable-goods orders drop 1.3% in May, but business investment picks up
The numbers: Orders for U.S. durable goods fell in May for the third time in four months, held down by a canceled deal for Boeing’s troubled 737 Max jet. Yet business investment perked up in a somewhat reassuring sign that companies haven’t frozen spending amid a tense trade fight with China and signs of a slower U.S. economy.
Orders for autos rose 0.6% in May. Orders also increased for heavy machinery, primary metals, computers and networking gear. Businesses have cut back on spending in 2019 as they try to navigate the biggest trade dispute in decades. Many U.S. companies rely heavily on raw or partly finished Chinese materials to make their products and China is a critical market for some American farmers such as those produce soy.
The 2.1% drop in durable-goods orders in April, as originally reported, was revised down to show a steeper 2.8% erosion.
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