New US Factory Orders Up 8% in May

New factory orders in the United States increased during May on a monthly basis by 8%, according to data by the US Commerce Department.

This shows a sign of recovery, after orders for US-manufactured goods decreased by 13.5% in April, despite coming below the market expectations consensus of an 8.9% increase.

On an annual basis, factory orders decreased by 10.3%.

Yesterday, the purchasing managers’ index (PMI) for the manufacturing sector in the United States reached 52.6 in June, after recording 43.1 in May.

Last month, the ISM index for new orders stood at 56.4, as shown by the data of the Institute for Supply Management (ISM).