U.S. factory orders climbed in May

In what is helping to inject a dose of optimism into the economy, new data indicates that U.S. factory activity increased in May, according to a published report.

The Los Angeles Times reports that U.S. businesses ordered more airplanes, automobiles and oil drilling equipment during the month, illustrating that the domestic manufacturing sector continues to remain robust, even amid a tepid economic recovery. The U.S. Commerce Department said that factory orders increased 0.8 percent in May, which was welcome news considering the April gauge fell 0.9 percent.

On a more granular level, aircraft orders surged 36.5 percent, with automobile and car parts climbing two percent. What's more, after falling by 0.4 percent in April, business investment climbed 1.6 percent in the month, according to the news provider.

The uptick in manufacturing activity was explained by renewed confidence as the Japanese economy recovers from the natural disasters that caused significant damage on March 11. Steadily declining energy prices also benefited manufacturers, analysts affirmed.

Many economists project the U.S. economy will grow at a faster pace during the second half of this year than it did during the first six months.