U.S. monthly manufactured durable goods orders surged to $48.3 billion and up 16.4% in May from April, according to an advance report from the U.S. Census Bureau.

Released June 26, the report showed that May orders increased to $343.6 billion. This followed a 6.6% decline in April, while the four consecutive months prior saw increases, including a 7.6% jump in March and a 0.9% gain in March.

Although the May increase was much higher than anticipated, it was not completely surprising. Economists polled by Reuters had expected an increase of 8.5%.

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The May increase was driven by transportation equipment orders, which spiked 48.3% vs. April, impacted by a 230.8% surge in commercial aircraft orders. On Boeing’s website, the company said that it had received 303 aircraft orders during May, including 150 from Qatar Airways placed during President Donald Trump’s visit to the Gulf Arab country in May. That is compared to just eight orders in April.

Excluding transportation, new orders increased 0.5% compared to April. Excluding defense, new orders increased 15.5% vs. April.

Capital goods increased 48.0% month-over-month.

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Shipments of manufactured goods — up six consecutive months — increased 0.2% to $301.0 billion month-over-month. This followed a March increase of 0.3%.

Unfilled orders for durable goods in May — up 10 of the last 11 months — increased 3.4% month-over-month. This followed an unchanged April decrease.

May inventories for durable goods—up eight consecutive months—increased 0.2% to $597.8 billion month-over-month. This followed a 0.1% April increase.

U.S. May Durable Goods Orders

source: tradingeconomics.com

The Bureau will release its report for June durable goods orders on July 25.

Here is how monthly new orders and shipments of different durable goods product categories in May, seasonally adjusted, according to the Census Bureau’s advance date:

Primary Metals

• Shipments: +0.3%
• New Orders: +0.1%

Fabricated Metal Products

• Shipments: +0.2%
• New Orders: +0.7%

Machinery

• Shipments: -0.3%
• New Orders: +0.3%

Computers and Electronic Products

• Shipments: +0.7%
• New Orders: +1.5%

Electrical Equipment, Appliances and Components

• Shipments: -0.2%
• New Orders: +0.8%

Transportation Equipment

• Shipments: +0.3%
• New Orders: +48.3%

All Other Durable Goods

• Shipments: +0.3%
• New Orders: 0.0%

Capital Goods

• Shipments: +0.3%
• New Orders: +48.0%