Orders placed with U.S. factories for business equipment rose in May for a second month, indicating companies continue to make longer-term investments despite high borrowing costs and economic uncertainty.
The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, increased 0.7% last month after a downwardly revised 0.6% gain in April, Commerce Department figures showed Tuesday. The data aren’t adjusted for inflation.
Bookings for all durable goods — items meant to last at least three years — increased 1.7%. Excluding transportation, orders climbed 0.6%.
