US factory orders rise more than expected in May

The US Commerce Department said factory orders in the US rose 1.6% in May versus 0.7% in April, and shipments of manufactured goods rose 1.8% in May after rising 0.6% in April.

Orders for computers and electronic products rose 0.5%, while orders for equipment, appliances and electrical components fell 1.0%, and inventories in factories rose 1.3%. Capital goods orders rose 0.6% in May, and shipments of core capital goods, which are used to calculate business equipment spending in the GDP report, rose 0.8% in May.