US factory orders are back in red.
Factory orders tumbled even more than expected, down 3.6% MoM – the biggest drop since the COVID lockdowns (April 2020). September was also revised lower (making October’s decline even worse) from +2.8% MoM to +2.3% MoM…
Source: Bloomberg
The big monthly decline and revisions dragged orders down 2.1% YoY (the biggest drop since Sept 2020).
Core factory orders also dropped (-1.2% Mom), leaving them down 2.2% YoY – the eight month in a row of annual declines…
Source: Bloomberg
The final Durable Goods Orders data for October confirmed the preliminary print plunge down 5.4% MoM.
Finally, we note that it could have been a lot worse as Defense spending shot up 24.7% MoM (as non-defense dropped 15.8% MoM0…
Not a great report with a year until the Presidential elections.
