US factory orders have never dropped this far for so long without the US economy overall being in recession. November's 4.2% YoY drop is the 13th consecutive monthly drop. Revistions to durable goods data shows a 1% drop in new orders ex-defense in November after rising 1.4% in October.. and as a reminder, this data was buoyed by a 46.9% surge in defense aircraft and parts orders to all-time highs.
Factory Ordedrs are flashing deep red recessionary indicators...
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And nominally orders are going nowehere...
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Traders better hope for moar war or the reality of the economy will peak out from behind the military-industrial complex veil. This was the highest level of defense spending since 9/11!!
