US Factory Orders Slump In September, Biggest Contraction Since July 2016

After August's contraction, Factory Orders in September were expected to accelerate their decline, but the 0.6% MoM drop was more than expected. This sent the year-over-year contraction in factory orders down to -3.5% - the worst since July 2016...

Source: Bloomberg

Additionally the final durable goods orders print for September worsened, dropping 1.2% MoM and down 4.0% YoY...

Source: Bloomberg

Of course, everyone assumes that September was the inflection point and that October (and now November) will be awesome because of trade-deal hope?