Following Durable Goods plunge in January (final data showing worsening non-defense orders), US Factory Orders tumbled 1.4% (as expected) – the first drop in six months.
Core Factory Orders disappointed and growth slowed to its weakest since June…
Under the hood of orders, some sectors stood out with notable collapses…
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Transportation equipment -10.0%
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Nondefense aircraft: -28.4%
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Defense aircraft: -45.6%
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Mining, oil field machinery: -8.9%
Of course this should not be a surprise as global macro data has serially disappointed this year.
via Zero Hedge http://ift.tt/2G2c4LW Tyler Durden