US Factory Orders V-Shaped Recovery Slows (Despite Soaring Survey Hopes)

After a disappointing deceleration in factory orders v-shaped recovery in August, analysts (buoyed by ISM Manufacturing ‘soft’ data) expected September’s orders to reaccelerate at 1.0% MoM; and the final print actually surprised to the upside with 1.1% MoM jump.

However, on a year-over-year basis, factory orders remain 3.9% lower…

Source: Bloomberg

It would appear the ‘hard’ data is not quite as enthusiastic as the ‘soft’ data…

Source: Bloomberg

Core factory orders (ex-trans) disappointed modestly, rising only 0.5% MoM (vs +0.6% MoM), and all of this is before October’s more broad-based slowdown.