Core US Factory Orders Tumble For 3rd Straight Month

Having declined for two straight months, core factory orders were expected to rebound in (shutdown-delayed) January data, but it disappointed notably, dropping 0.2% MoM.

This is the longest streak of weakness in US core factory orders since Feb 2016...

Is there something magical about the $420 billion level of core factory orders?

Year-over-year growth in core factory orders was just 1.8% - the weakest since Trump's election in Nov 2016.

Headline factory orders also disappointed, rising only 0.1% MoM (less than the 0.3% rise expected).

Final data for durable goods largely remained the same from its preliminary prints, except core durable goods orders which dropped 0.2% (vs an initial 0.1% decline).

Finally, we note that 'hope' has recently rebounded in the 'soft' survey data but 'hard' data  continues to languish...