Manufacturing, auto sales up
Tuesday, July 03, 2012 2:18 PM
After falling in March and April, new orders for manufactured goods increased 0.7 percent in May, according to data released today by the U.S. Census Bureau.
Shipments of goods also increased 0.5 percent in May. Shipments have increased in five of the last six months.
Automobile makers General Motors Co., Ford Motor Co. and Chrysler Group LLC reported that sales in June may have increased at a rate faster than economists predicted.
Sales may have risen to above a 14 million-vehicle seasonally adjusted annualized rate, according to Bloomberg, which puts 2012 on track to be the best years for auto sales since 2007.
The manufacturing report and auto sales report led to a good morning for the Dow Jones industrial average, the Nasdaq Composite index and the Standard & Poor's 500 index, which all increased.