- Business worsened in May in the non-manufacturing sector of the US economy after data showed that ISM numbers were worse than expected at 44 in May, from 43.7 in April vs. 45 consensus.
- Overall, factor orders rose 0.7% in April after a revised 1.9% drop in March.
"It kind of fits with all the other news we're getting. Things are less bad but they're not yet growing. It's encouraging to see this stabilization process start to take hold, but at the same time the weakness does persist," - Jonathan Basile (economist at Credit Suisse in New York.)
- Excluding transportation items, factory orders inched up 0.1% in April from March’s 2.1% decline.
- Orders for big ticket durable goods such as cars and refrigerators were slightly revised downwards to show an increase of +1.7% in April instead of the 1.9% rise previously reported. That followed a –2.2% decline in March.
- Orders for non-defense goods excluding aircraft, fell –2.4% in April.
- Inventories at April fell –1.0% after slipping –1.2% in March.
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