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US factory orders rebound in May

New orders for U.S. manufactured goods bounced back in May, edging 0.4% higher to a seasonally adjusted $498.17 billion from a revised $496.41 billion in the previous month, the U.S. Census Bureau reported.

New orders for manufactured durable goods slipped 0.4% on a monthly basis to $249.20 billion, while new orders for manufactured nondurable goods rose 1.1% to $248.98 billion.

Total shipments of durable goods ticked higher to $247.10 billion from $247.00 billion in April. Nondurable goods shipments increased 1.1% to $248.98 billion.

Unfilled orders for durable goods rose 0.5% to $1.161 trillion in May.

Inventories of manufactured durable goods edged up 0.3% to $403.31 billion in May, with transportation equipment leading the increase. Nondurable goods inventories were little changed at $265.12 billion.

The May inventories-to-shipments ratio was 1.35, unchanged from April.