US: Factory Orders Continued to Recover in May

The freefall in factory orders that began late last summer finally appears to be moderating. Orders at U.S. manufacturers increased in May—the third increase in four months. While this is a welcome sign of strength in a troubled sector, it will be years before orders return to pre-crash levels. But the worst of the declines are behind us. Welcome Back to 2004 The back-to-back monthly gains in factory orders signals the worst of the storm has passed for U.S. manufacturers. That said, on an