New orders for durable goods fell in May, according to a report released moments ago by the US Census Bureau. The decline was $15.6 billion, reaching $332.1 billion, a drop of 4.5% compared to an 8% increase in April. Expectations had been for a 5% decrease. Meanwhile, core orders, excluding transportation, rose 1.3% in May, compared to a 1.1% increase in April (expectations were 0.5%).

Specifically, new orders excluding defense fell by approximately 4.6%, while sales excluding transportation equipment rose by 1.3%. Transportation equipment led the declines in the index after two consecutive months of increases, falling by 14% to $113.5 billion.