Surprised? Following last month’s 10.5% record rise in Factory Orders, August just printed -10.1% MoM – the biggest drop on record. While some give-back was excpected this is notably worse than the expected drop of -9.5% (the biggest miss since January 2014). Worse still durables orders cratered 18.4% (and non-durables dropped 0.4%) MoM and ex-transports dropped 0.1% – the 3rd drop in the last 4 months. So – in summary – last month saw a $56 billion rise and this month saw a $55.8 billion drop – ‘economic growth’ roundtripped… as inventories rose 0.1% and shipments fell 1%.
as Transportation collapsed…
Charts: bloomberg
via Zero Hedge http://ift.tt/1rPjVRo Tyler Durden