US Factory Orders Contract In May, Lowest Since Aug 2016

US Factory Orders fell for the second month in a row (and down 3 of the last 4), down 0.7% MoM in May, following April's 1.2% decline (revised lower).

However, more notably, factory orders year-over-year growth has contracted (by 1.2%) for the first time since August 2016...

The biggest driver of the drop was a plunge in defense spending and non-defense aircraft spending (Boeing!)

Get back to work, Mr.Powell.