"The economy is growing, but it's still muddling through"
- Joseph LaVorgna, chief U.S. economist at Deutsche Bank
U.S. durable goods orders rose in May for the first time in three months, easing concern the economy is deteriorating. Bookings for goods meant to last at least three years increased 1.1 per cent, said the Commerce Department on Wednesday.
"The economy is growing, but it's still muddling through," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York.
"Concerns about the collapse of manufacturing are grossly overblown."
"The stagnation in durable goods orders in recent months is a clear sign that, in response to the easing in global demand, America's industrial recovery is running out of steam," said Paul Dales, senior US economist at Capital Economics.
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