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The U.S. Commerce Department released durable goods orders data on Tuesday. The U.S. durable goods orders dropped 1.8% in May, missing expectations for a 0.5% decrease, after a 1.5% decline in April. April's figure was revised down from a 0.5% fall.
The decline was partly driven by lower orders for aircraft. Orders for nondefense aircraft dropped 35.3.0% in May.
The U.S. durable goods orders excluding transportation rose 0.5% in May, missing expectations for a 0.6% gain, after a 0.3% decrease in April.
A stronger U.S. dollar weighs on U.S. exports and makes imports more attractive for consumers in the U.S.
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