U.S. Factory Orders Rebound in May

New factory orders in the United States rebounded in May, following a decline that exceeded expectations in April, data showed on Friday.

Factory orders increased by 1.7%, following a 0.1% decline in April, according to the U.S. Department of Commerce.

On an annual basis, factory orders surged by 17.2% compared with May 2020.

The recovery in factory orders comes despite the continuous supply chain bottlenecks and the global shortage in semiconductors,