After a surprise tumble in January (before the virus impacts really hit), US Factory Orders were expected to rebound modestly in February (data released today and still lagging the current effects of the lockdowns and supply chain disruptions).
However, unsurprisingly, Factory Orders were flat (0.0% MoM) in February (below the +0.2% expectations). However, this did lift the YoY change in factory orders into the green (barely) at +0.1% YoY – the first annual gain since July
Ex-Transports, factory-orders tumbled 0.9% MoM (the worst since Nov 2018), and YoY declined 0.1%…
And this is before the lockdowns began…
Thu, 04/02/2020 – 10:07
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Author: Tyler Durden