US Factory Orders Slowest Growth Since Trump Elected

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.