And to cap a day of serially ugly US macro data, factory orders unexpectedly plunged (-0.5% MoM) in May (against expectations of a 0.2% rise and worse still April was revised lower)…
Source: BloombergThe YoY rise in factory orders is just 0.9%… and remember that is nominal… So in reality factory orders are tumbling on a YoY real basis.After three strong months, Core Factory Orders also dropped (tumbling 0.7% MoM)…
Source: BloombergIs this bad enough to be good news for Fed doves?More By This Author:Initial Jobless Claims Disappoint (Again), Continuing Claims Worst Since Dec 2021ADP Payrolls Disappoint In June – 3rd Straight Monthly Decline In AdditionsApple’s ‘Sell-Through’ Market Share Erodes, UBS Says
