U.S. factory orders rebound in May – ZAWYA

U.S. factory orders rebound in May – ZAWYA

U.S. factory orders rebound in May | ZAWYA MENA Edition HomeBusinessArticleU.S. factory orders rebound in May Unfilled orders at factories nudged up 0.1% in May after falling 1.5% in April    Workers assemble Ford cars at a plant of Ford India in Chengalpattu in the outskirts of southern city of Chennai March 5, 2012. WASHINGTON- New orders for U.S.-made goods rebounded in May, suggesting a turnaround in manufacturing, though business spending will likely contract again in the second quarter amid cheaper crude oil as the COVID-19 pandemic depressed global growth.The Commerce Department said on Thursday factory orders increased 8.0% after falling 13.5% in April. Economists polled by Reuters had forecast factory orders increasing 8.9% in May.Factory orders dropped 10.3% year-on-year in May. Manufacturing, which accounts for 11% of U.S. economic activity, appears to be regaining its footing, but a resurgence in coronavirus cases amid the reopening of businesses threatens the budding recovery.The Commerce Department said on Thursday factory orders increased 8.0% after falling 13.5% in April. Economists polled by Reuters had forecast factory orders increasing 8.9% in May.WASHINGTON- New orders for U.S.-made goods rebounded in May, suggesting a turnaround in manufacturing, though business spending will likely contract again in the