Despite a small beat in MoM data (-1.5% vs -1.9% exp), US factory orders plunged 5.6% YoY – the worst drop since September 2015. This extends the period of annual contraction to 20 months – a record streak of declines in US history and one which has always, without exception, coincided with recession…
The big drop was driven by a plunge in non-defense aircraft and parts… (even with a surge in car orders)
It’s probably nothing though…
via http://ift.tt/2aw8SZm Tyler Durden