New orders for manufactured goods in May, up three of the last four months, increased $9.9 billion or 2.1 percent to $485.0 billion, the U.S. Census Bureau reported today. This followed a 1.3 percent April increase. Excluding transportation, new orders increased 0.6 percent.
Shipments, up following two consecutive monthly decreases, increased $4.6 billion or 1.0 percent to $483.6 billion. This followed a 0.7 percent April decrease.
Unfilled orders, up three of the last four months, increased $8.2 billion or 0.8 per cent to $1,004.8 billion. This followed a 0.3 percent April increase. The unfilled orders-to-shipments ratio was 6.21, down from 6.28 in April.
Inventories, up six consecutive months, increased $0.3 billion to $627.8 billion. This was at the highest level since the series was first published on a NAICS basis in 1992, and followed a 0.1 percent April increase. The inventories-to-shipments ratio was 1.30, down from 1.31 in April.
However, economic optimism for July dropped from 49 to 47.1, despite expectations of a rise to 49.3. All three components (six-month economic outlook, personal financial outlook and confidence in Federal economic policies) declined.
Earlier the ISM New York Index fell from 54.4 to 47 for June.