U.S. Factory orders rise more than expected

July 2, 2009 7:07:10 AM PDT
Orders to U.S. factories jumped in May by the largest amount in nearly a year, further evidence that the nosedive in manufacturing is nearing an end.

The Commerce Department says total orders rose 1.2 percent in May, better than the 0.8 percent increase that economists had expected. The April performance was revised slightly lower to a gain of 0.5 percent, from 0.7 percent.

The May increase was the best showing since a 2.1 percent rise last June. The back-to-back increases in April and May were the first consecutive gains in nearly a year.

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