For the 8th month in a row, US factory orders fell YoY. Down 6.2% in June, this is the longest streak of declining factory orders outside of a recession in history. MoM, factory orders rose 1.8% – as expected – the most since May 2014 but historical orders and shipments were revised lower. Much of the MoM gain was driven by a 21% rise in defense aircraft shipments. Inventories contonue to rise leaving inventories-to-shipments ratios at cycle highs.
Would have been considerably worse if not for a 21% rise in Defense aircraft orders… thank the Keynesian gods for war!!!
http://www.zerohedge.com/news/2015-08-04/us-recession-imminent-factory-orders-plunge-8th-consecutive-month
Charts: Bloomberg
