U.S. factory orders -0.5% in May, below expectations

May Factory Orders: -0.5% to $583.1B vs. +0.2% consensus and +0.4% in April (revised down from +0.7%).
Factory orders excluding transportation also fell –0.7%, compared with the 0.3% consensus and the 0.5% rise in the prior month, which was revised from +0.7%.
Unfilled orders, up forty-six consecutive months, increased $3.1B or 0.2% to
$1,402.8B.
The unfilled orders-to-shipments ratio was 7.18, up from 7.11 in April.
Inventories, up five of the last six months, increased $1.8B or 0.2% to $860.1B.
The inventories-to-shipments ratio was 1.47, up from 1.46 in April.
New orders for manufactured durable goods in May, up four consecutive months, increased 0.1% to $282.9B, unchanged from the previously published increase.