US Factory Orders Contract YoY For 3rd Straight Month

Having fallen for the last two months, analysts expected a modest rebound in factory orders in October (despite renewed ISM weakness) and as expected they did rise 0.3% MoM (but from a downward-revised 0.8% MoM drop in September).

On a YoY basis, factory orders dropped 1.2% (better than the 3.7% drop in September but still in the red)...

Source: Bloomberg

This is the 3rd straight month of annual declines (and 5th of the last 6 months).

Factory orders ex-trans rose 0.2% in Oct. after falling 0.3% the prior month.

New orders ex-defense for Oct. unchanged after falling 1.0% in Sept.

The proxy for capital spending - Capital goods non-defense ex aircraft new orders - for Oct. rose 1.1% after falling 0.5% in Sept (but lower than the initial +1.2%)

Is the bottom in?