Durable goods orders rose in May, the third consecutive monthly increase, the Commerce Department said today.
Orders climbed 1.7% to $288.2 billion. That followed a revised 1.2% increase for April. Excluding transportation, orders rose 0.6%. Excluding defense, orders increased 3%.
The overall transportation category advanced 3.9% to $102.6 billion. It was the third straight monthly increase for transportation.
Within transportation, orders for motor vehicles and parts rose 2.2% to $62.7 billion while orders for commercial aircraft and parts soared 32.5% to $21.8 billion.
Orders for defense aircraft and parts dropped 35% to almost $5 billion.
The auto industry has benefited from an improved supply of semiconductors. That has eased vehicle shortages of the past two years. Demand has remained strong for large trucks and SUVs.
In other categories, orders for machinery gained 1% to $37.6 billion. Orders for primary metals rose 0.5% to $26.8 billion. Orders for fabricated metal products were virtually unchanged at $35.2 billion.
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