Factory Orders Plunge For 20th Month In A Row - Longest Streak In US History

Despite a small beat in MoM data (-1.5% vs -1.9% exp), US factory orders plunged 5.6% YoY - the worst drop since September 2015. This extends the period of annual contraction to 20 months - a record streak of declines in US history and one which has always, without exception, coincided with recession...

The big drop was driven by a plunge in non-defense aircraft and parts... (even with a surge in car orders)

 

It's probably nothing though...