New orders for U.S.-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector, but business spending on equipment appeared to have slowed further in the second quarter.
The US factory orders exceeded expectations to rise 0.4% month on month in May, up from April’s -0.4%, which marked a record low in nearly six years.
However, business spending on equipment appeared to slow further in the second quarter, and growing shortages of workers as well as import tariffs started to weigh on the supply chain.
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