Jun 3: Factory Orders are up 0.7%

Factory Orders are up by 0.7% in April to $344.4 billion, were expected to increase by 0.8%, and are up 2 of the past 3 months, after falling by 1.9% in March and increasing by 0.7% in February. Excluding transportation, new factory orders also increased by 0.1%. Over the past 12 months, the volume of new orders had fallen by 23.1%.

The ISM Services Index for May increased to 44 from April’s level of 43.7, although less than the expected level of 45. The index is estimated below 50 for the 8th consecutive month, meaning that it is still indicating contraction, but this contraction comes at a diminished rate indicated by the value rising.  6 of the industries in the index reported growth for the month: Real Estate, Rental & Leasing; Arts, Entertainment & Recreation; Utilities; Retail Trade; Construction; and Accommodation & Food Services. The remaining 11 industries which compile the index reported contraction in May: Other Services; Mining; Educational Services; Management of Companies & Support Services; Wholesale Trade; Finance & Insurance; Public Administration; Agriculture, Forestry, Fishing & Hunting; Transportation & Warehousing; Health Care & Social Assistance; and Information.  The complement to this is the ISM Manufacturing Index, which advanced to 42.8, ahead of the consensus estimate of 42.2, on Monday.

Today monthly vehicle sales are set to be announced with projections that May sales will be at 9.4 million, following April reported sales of 9.3 million.

Upcoming Releases
Nonfarm Productivity (06/04 at 8:30 AM EST)
Initial Claims (06/04 at 8:30 AM EST)
Unemployment (06/05 at 8:30 AM EST)

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