- Factory orders rose 0.7% in April (revised to +0.8%)
- Durable goods orders revised to -0.9% from -1.0%
- Non-defense capital goods orders ex-air unrevised at +0.7%
- Manufacturing inventories +0.8% — biggest rise since Oct 2011
The headline was a slight miss but it’s mitigated somewhat by the upward revision. The rise in inventories is interesting and could be an expression of confidence, or a skew that will slow factory production in the months ahead.
