Must be the weather... since August. US Manufacturers New Orders tumbled 0.2% in January (missing expectations of a 0.2% rise for the 6th of the last 7 months). This extends the losing streak for factory orders to 6 months, something we have not seen since the great recession in 2008... The drop was led by a plunge in Consumer Goods - not exactly what one would expect from all those gas savings? Just add it to the growing list of missed macro data expectations since the start of Feb!
[4]
We suspect this puts a final nailk in the coffin of low oil prices being positive for consumers...
[5]
This extends the macro misses for US data to dismal levels.
Charts: Bloomberg
