New orders for long-lasting U.S.-made goods fell for a second straight month in ...
WASHINGTON - New orders for long-lasting U.S.-made goods fell for a second straight month in May as troubles at Boeing weighed on demand for aircraft, suggesting manufacturing could remain weak even as business spending on equipment appears to stabilize.
Momentum is also fizzling as the stimulus from last year’s $1.5 trillion tax cut package and more government spending fades. The growing risks to the economy coupled with low inflation prompted the Federal Reserve to last week signal interest rate cuts starting as early as July. Boeing reported on its website that it had received no aircraft orders in May after getting orders for four planes in April. The world’s largest plane maker has cut production of its fastest-selling MAX 737 jetliner, which was grounded in March following two fatal plane crashes in five months.
Overall durable goods shipments rose 0.4% and inventories increased 0.5% in May. Unfilled durable goods orders fell 0.5 percent, the most since June 2016, pointing to continued weakness in manufacturing in the months ahead. Regional manufacturing surveys have also weakened in June. Fed Chairman Jerome Powell last Wednesday acknowledged the weak business spending and said many policymakers “cited the investment picture and weaker business sentiment ... as supporting their judgment that the risk of less favorable outcomes has risen.”
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