After surging in March - tariff-frontrunning dominated with the largest MoM rise since July 2020 - US Factory Orders tumbled 3.7% in April (worse than the 3.2% MoM decline expected). Also, the 4.3% rise in March was revised down to a 3.4% MoM rise...
Source: Bloomberg
The MoM drop was the biggest since Jan 2024 as tariff-frontrunning faded, dragging the headline orders down to just +0.9% YoY.
Core Factory Orders (excluding the more volatile Transportation sector) fell for the second straight month, down 0.5% MoM
Source: Bloomberg
That weakness dragged core factory orders down 0.08% YoY.
Is the 'hard' data and 'soft' data about to start converging?
Or is this 'transitory'?
