U.S factory orders rise more than expected in May

People work on a Polaris snowmobile assembly line at their manufacturing and assembly plant in Roseau, Minnesota, U.S. June 7, 2021. REUTERS/Dan Koeck

July 5 (Reuters) – New orders for U.S.-manufactured goods increased more than expected in May, showing demand for products remains strong even as the Federal Reserve seeks to cool the economy.

The Commerce Department said on Tuesday that factory orders rose 1.6% in May after advancing 0.7% in April. Economists polled by Reuters had forecast factory orders would rise 0.5%.

Reporting by U.S. economics team; Editing by Paul Simao

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