Factory Orders Slump - Worst April Since 2012

US Factory Orders continue their flip-flopping performance with a 0.8% tumble in April - worse than expected - after an upwardly revised 1.7% rise in March.

This is the worst April drop since 2012...

Year over year, factory order growth slowed from 9.1% to +7.4%.

Ex-Transports, factory orders rose 0.4% MoM - its 10th monthly improvement in a row.

However, new orders ex-defense for April fell 0.9% after rising 2.4% in March, suggesting what gains there were, were all driven by war-spending.