It really should not have been a surprise - given the weakness in Manufacturing PMIs - but headline and core US factory orders disappointed in April (today's latest data).
The headline factory orders rose just 0.4% MoM (half the 0.8% MoM expected) and worse still, the March data was revised form from +0.9% to +0.6% MoM.
Source: Bloomberg
That left the annual growth in new orders at just 0.2% - the weakest since Oct 2020.
Core factory orders (ex-transports) was even worse, dropping 0.2% MoM (+0.2% MoM exp) - the third straight monthly decline...
Source: Bloomberg
This left core factory orders down 2.2% YoY - the biggest drag since the COVID lockdowns.
How long can the manufacturing side of the economy continue to collapse before the Services side catches down?
It really should not have been a surprise – given the weakness in Manufacturing PMIs – but headline and core US factory orders disappointed in April (today’s latest data).
The headline factory orders rose just 0.4% MoM (half the 0.8% MoM expected) and worse still, the March data was revised form from +0.9% to +0.6% MoM.
Source: Bloomberg
That left the annual growth in new orders at just 0.2% – the weakest since Oct 2020.
Core factory orders (ex-transports) was even worse, dropping 0.2% MoM (+0.2% MoM exp) – the third straight monthly decline…
Source: Bloomberg
This left core factory orders down 2.2% YoY – the biggest drag since the COVID lockdowns.
How long can the manufacturing side of the economy continue to collapse before the Services side catches down?
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