Factory Orders Beat Expectations Thanks To Major Seasonal Adjustments

Tyler Durden's picture

Non-Seasonally adjusted New Orders dropped 0.6% YoY - the biggest drop in 11 months (and Capital Goods New Orders plunged 10.2%) but of course, in the current weather-related slowdown-reality, despite a notable mark-down in last month's seasonal data, the headline "common knowledge"-defining data will be the Factory Orders beat expectations (off a lower base).

Seasonally-adjusted MoM beat..

 

But non-seasonally adjusted this is the biggest drop YoY in New Orders in 11 months

 

By far the worst start to the year since 2009...

 

Charts: Bloomberg