US Factory Orders Rise In March… But February Saw Yet Another Downward Revision
The roller-coaster ride of US durable goods and factory orders continued in March (final data just released) as the flip-flopping data series
Having plunged by the most since COVID lockdowns in January, US factory orders continued to accelerate in March, +1.6% MoM (as expected) – but February was revised lower… again. This pushed the YoY factory orders up 1.7% (nominal)…
Source: Bloomberg
This is the 17th monthly downward revision in the last 22 months… come on!!!
Source: Bloomberg
Core Factory Orders also rose MoM (+0.5% vs +0.2% exp)…
Source: Bloomberg
The final durable goods orders data prints for March were in line with the preliminary data but more problematically – Capital Goods Shipments Non-Defense Ex-Air was flat MoM, downwardly revised from the initial print…
Source: Bloomberg
…strongly suggesting the capex cycle is stalling.
Tyler Durden
Thu, 05/02/2024 – 10:11