Following Durable Goods plunge in January (final data showing worsening non-defense orders), US Factory Orders tumbled 1.4% (as expected) – the first drop in six months.
Core Factory Orders disappointed and growth slowed to its weakest since June…
Under the hood of orders, some sectors stood out with notable collapses…
Transportation equipment -10.0%
Nondefense aircraft: -28.4%
Defense aircraft: -45.6%
Mining, oil field machinery: -8.9%
Of course this should not be a surprise as global macro data has serially disappointed this year.