The post-weather rebound is over. Factory Orders, which were expected to fal lmodestly, dropped 0.5% – the biggest drop and biggest miss since January. On the flip side, if you were wondering where the recent data (survey) exuberance has come from… wonder no more – inventories in May rose 0.8% – the biggest rise since Oct 2011. More mal-investment-driven exuberance – if only wages were up? Oh, wait – subprime credit is soaring so that will take care of it.
Factory Orders have stalled the recovery.. falling back as bad as in January
But invenrtories are surging…
via Zero Hedge http://ift.tt/1iVs3NU Tyler Durden