Orders for US big-ticket factory goods surge 15.8% in May
May was a big improvement from April
Former Federal Reserve Bank of Atlanta President and CEO Dennis Lockhart on economic recovery amid coronavirus and projections for unemployment.
WASHINGTON — Orders to American factories for big-ticket goods rebounded last month from a disastrous April as the U.S. economy began to slowly reopen.
DURABLE GOODS ORDERS IN U.S. TUMBLED 17.2% IN APRIL
The Commerce Department said that orders for manufactured goods meant to last at least three years shot up 15.8% in May after plunging 18.1% in April. Economists expected a rebound, but the May increase was stronger than expected.
Stoves and other appliances are seen on display at a Sears store in Schaumburg, Illinois, near Chicago September 23, 2013.
A category that tracks business investment — orders for nondefense capital goods excluding aircraft — rose 2.3% after plunging 6.5% in April.
The lockdowns, travel restrictions and social distancing measures meant to contain COVID-19 brought economic activity to a near standstill across the United States in March and April.
GET FOX BUSINESS ON THE GO BY CLICKING HERE