US Factory Orders Miss (Again); Biggest 4-Month Drop In A Year
For the third month in the last four, US Factory Order growth missed expectations. In fact the last four months have seen the biggest plunge in a year. Adding to the disappointment for the 'manufacturing renaissance' hopes (despite proof in the payrolls data that it does not exist) is the fact that New Orders (ex-transports) dropped 0.4% (its worst in 3 months) with non-durable shipments down 0.6%.
The last 4 months have seen the biggest drop in a year as quite clearly - despite all the calls for a manufacturing renaissance, it just isn't there (still well below peak levels from 2008)
and the 3rd miss in the last 4...
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