New orders for U.S. manufactured goods rose for a third straight month in April, but manufacturing was constrained by Fed rate hikes

According to Jinshi, new orders for manufactured goods in the United States rose for the third consecutive month in April, boosted by demand for transportation equipment. Data showed that factory orders rose 0.7% in April, the same as the revised increase in March and higher than the expected 0.6%. Orders for transportation equipment rose 1.1%, and orders excluding transportation equipment rose 0.7%. However, manufacturing accounts for 10.4% of the US economy, but it is still constrained by the Federal Reserve's interest rate hikes. A survey by the Institute for Supply Management on Monday showed that the US manufacturing PMI fell for the second consecutive month in May and has been in contraction for 18 of the past 19 months.