Factory Orders Scream Recession: Annual Drop Biggest Since 2008

This has never happened outside of recession... Year-over-year, factory orders dropped 6.3% (adjusted) but 8% non-adjusted, the most since the financial crisis. Against expectations of a 0.5% drop MoM, manufacturers saw new orders tumble 1.0% and previous months were revised dramatically lower. Factory orders has now missed 10 of the last 11 months.

Factory Orders have fallen for 9 of the last 10 months...

 

Seasonally adjusted things look terrible...

 

Non-seasonally adjusted they look even worse..

 

Recession is coming...

 

Charts: Bloomberg