Durable goods orders fall more than expected

Headline durable goods orders fell 1.8% in May, more than was expected by economists.

Expectations were for headline durable goods orders to fall 1% in May against the prior month, but rise 0.5% when excluding items like transportation and defense orders.

Durable goods orders excluding aircraft and defense orders, or "core" orders, rose 0.4% in May, a bit less than expected.

Excluding defense, orders rose 2.1% in May.

For the first time in 23 months, inventories of durable goods fell 0.2% in May.

Last month, durable goods orders fell 1%.

More to come ...