Having declined for two straight months, core factory orders were expected to rebound in (shutdown-delayed) January data, but it disappointed notably, dropping 0.2% MoM.
This is the longest streak of weakness in US core factory orders since Feb 2016…
Is there something magical about the $420 billion level of core factory orders?
Year-over-year growth in core factory orders was just 1.8% – the weakest since Trump’s election in Nov 2016.
Headline factory orders also disappointed, rising only 0.1% MoM (less than the 0.3% rise expected).
Final data for durable goods largely remained the same from its preliminary prints, except core durable goods orders which dropped 0.2% (vs an initial 0.1% decline).
Finally, we note that ‘hope’ has recently rebounded in the ‘soft’ survey data but ‘hard’ data continues to languish…
via ZeroHedge News https://ift.tt/2HrQ7Jy Tyler Durden