Despite Manufacturing surveys showing the sector in contraction, US Factory Orders jumped 2.3% MoM in June (as expected), the biggest MoM jump since January 2021...
Source: Bloomberg
However, despite the bounce, on a year-over-year basis, orders remain down 0.2%.
Removing the volatile Transportation sector, core factory orders rose only 0.23% MoM (though that did break a 4 month down streak)...
Source: Bloomberg
And left core factory orders down around 5% YoY - a drop we last saw at the start of the COVID lockdowns.
Soft-landing, maybe? But core looks more like more of the same decline.
