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A report released by the Commerce Department on Wednesday showed a smaller than expected decrease in new orders for U.S. manufactured durable goods in the month of May.
The Commerce Department said durable goods orders fell by 0.6 percent in May after tumbling by a revised 1.0 percent in April.
Economists had expected durable goods orders to drop by 1.0 percent compared to the 1.6 percent slump that had been reported for the previous month.
Excluding orders for transportation equipment, durable goods orders dipped by 0.3 percent in May after spiking by 1.9 percent in April. Ex-transportation orders had been expected to rise by 0.5 percent.
