US factory orders up 1.6% in May, greater that market estimate

By Ovunc Kutlu

ANKARA (AA) - US factory orders rose 1.6% in May, way more than the market estimate, the Commerce Department said Tuesday.

New orders for manufactured goods climbed $8.4 billion to $543.4 billion -- its 12th increase in the last 13 months.

While the market expected a gain of 0.5%, the April figure was revised to $535 billion for a 0.7% increase.

New durable goods orders increased $2.1 billion, or 0.8%, to $267.5 billion. It was the seventh increase in the last eight months.

Durable goods orders posted a 0.4% gain in April.

Transportation equipment, which was up for two consecutive months, led the increase with a $0.9 billion, or 1%, gain to $87.8 billion.

New orders for manufactured nondurable goods increased $6.3 billion, or 2.3%, to $275.9 billion.