According to reports from the U.S. government, orders for durable goods posted an unexpected decline in May.
The U.S. Commerce Department (DOC) said orders for durable goods fell 1.6 percent in May after a revised 2.6-percent decline in April. The declines in May and April durable orders were the first back-to-back monthly drops in durable orders since November and December 2002, according to the DOC.
Orders for computers and electronic products, machinery, and fabricated metals all fell, while primary metals demand posted a 3.6-percent increase in orders. April orders were previously reported as a 3.2-percent decline.
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