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US Factory Orders Tumble Most Since November... "We're Gonna Need More War"

Despite all the exuberance over ISM 'soft' data, 'hard' data takes another hit today as Factory Orders for May tumbled 0.8% (worse than the 0.5% expected drop) for the biggest slide since November.

This is the second monthly decline in a row, signaling Q2 GDP may be weaker than expected.

Worse still, May saw the biggest (and first) MoM decline in US Manufacturers new Orders (ex-transportation) since Feb 2016...

The biggest culrpits for the decline are:

  • Defense aircraft and parts -30.8%, and
  • Non-defense aircraft and parts -11.6%

We're gonna need moar war.

And the divergence between the 'industrial' economy and the 'industrial' average continues to widen...

But maybe "we just don't get the new economy."