For the 4th month in a row, US Factory Orders have fallen MoM. November's 0.7% drop is worse than the 0.5% decline expected and leads to the biggest yearly drop since March 2013. Capital Goods New Orders tumbled 0.8% as did non-defense capital goods shipments (down 0.9%). Having risen for 3 months, November saw a 8.2% plunge in defense new orders but it was the across-the-board slide in consumer goods orders and shipments, IT new orders, and Computers & Electronics (despite the massive tax cut from low oil prices!!??) that weighed heavily.
This is the 4th drop in MoM orders in a row...
[2]
Worst YoY drop in 19 months...
[3]
So much for the "decoupling" meme...
Charts: Bloomberg
