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?
Tyler Durden
Mon, 06/05/2023 – 10:20
