Some mixed economic data from the US yesterday. Bloomberg reports:
Factory orders fell less than predicted in May, reinforcing forecasts that manufacturing will help overcome the housing slump.
Orders placed with U.S. factories fell 0.5 percent after a 0.5 percent gain in April, the Commerce Department said in Washington...
Excluding transportation equipment, bookings increased 0.7 percent after rising 1.0 percent...
Orders for durable goods, which make up about 55 percent of factory demand, fell a revised 2.4 percent after a 1 percent gain in April...
Orders for capital goods excluding aircraft and military equipment, a measure of future business investment, fell 2.1 percent after rising 2.0 percent...
Yesterday's ISM report does suggest that manufacturing's recovery is sustainable though. But housing clearly continues to be weak.
The [National Association of Realtors] said its index of signed purchase agreements, or pending home resales, dropped 3.5 percent to 97.7, from a revised 101.2 in April.
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