US durable goods orders rise 1.7% in May

By Ovunc Kutlu

ISTANBUL (AA) - US durable goods orders rose 1.7% in May, coming against the market estimates of a decline, according to a US Commerce Department’s Census Bureau report on Tuesday

New orders for manufactured durable goods increased $4.9 billion, or 1.7%, to $288.2 billion, said the agency.

It marked the third consecutive monthly gain.

Estimates for the figure was to show a decline of 1%, while it increased 1.2% in April.

Excluding transportation, new orders increased 0.6%, while new orders excluding defense rose 3%, according to the report.

"Transportation equipment, also up three consecutive months, led the increase, $3.9 billion or 3.9 percent to $102.6 billion," it added.