July 2, 2009

Factory orders rose in May

New orders for manufactured U.S. goods rose in May for the third month of the last four, the U.S. Census Bureau reported Thursday.

New orders increased 1.2 percent, or $4.1 billion, to $347.9 billion, the government said.

The report firms up numbers previously released, giving it marginal impact on U.S. stock markets, which turned lower Thursday after the Labor Department said unemployment rose from 9.4 percent to 9.5 percent in June.

The report includes new information on non-durable orders, which rose 0.7 percent in May, higher than predicted, to $184.5 billion.

Inventories, also an addition to the previous report, fell 1 percent to $322.1 billion, an indication that manufacturers are still adjusting to the economic downturn.