US Factory Orders Are Unchanged In 11 Years

Absent the various seasonal and other) adjustments, non-adjusted (so actual) US Factory Orders in December were almost exactly the same as they were in March 2006 - unchanged in 11 years.

YoY, adjusted factory orders rose 3.6%, the best since July 2014. However, absent the adjustments, real orders continue to paint a very different picture.

The 24-month trend (dark red) is very clear and has historically implied one thing - recession!