After 4 straight months of gains, Factory Orders declined 0.2% MoM in April with Durable Goods New Orders tumbling 0.5% (final April print) – the worst drop since Feb 2016.
Despite notable upward revisions for March (from +0.2% to +1.0%), April Factory orders dropped 0.2% MoM (in line with expectations), breaking the recent streak of improvements.
Worse still for the ‘hard’ data hopers, the final print for April’s Durable Goods New Orders tumbled 0.5% MoM – the biggest drop since Feb 2016 (amid global recession fears)…
Hard data is now at its weakest since May 2016 and Soft data has dropped to 6-month lows. Not what Mr Trump (or Mr Market) was hoping for.