Following its surprising bounce in factory orders in March, April was expected to see contraction (echoing the collapse in PMIs) and it did (dropping 0.8% MoM) and durable goods orders tumbling 2.1% MoM in their final April print.
Factory Orders were revised lower for March (from +1.9% to +1.3%) which prompted April's 0.8% decline to look slightly better than the expected 1.0% decline.
Ex-Transports, factory orders rose just 0.3% MoM in April and new orders ex-defense for April fall 0.9% after rising 0.5% in March.
However, away from the noise and oscillation of the monthly data, year-over-year, US Factory Orders grew at just 1.0% - the slowest rate of growth since Trump was elected.
And judging by PMIs, this is about to get a lot worse.