These things are how Strong Delusion comes.
Posted on 12/04/2023 7:41:59 AM PST by Kaiser8408a
US factory orders are back in red.
Factory orders tumbled even more than expected, down 3.6% MoM – the biggest drop since the COVID lockdowns (April 2020). September was also revised lower (making October’s decline even worse) from +2.8% MoM to +2.3% MoM…
Source: Bloomberg
The big monthly decline and revisions dragged orders down 2.1% YoY (the biggest drop since Sept 2020).
Core factory orders also dropped (-1.2% Mom), leaving them down 2.2% YoY – the eight month in a row of annual declines…
Source: Bloomberg
The final Durable Goods Orders data for October confirmed the preliminary print plunge down 5.4% MoM.
Finally, we note that it could have been a lot worse as Defense spending shot up 24.7% MoM (as non-defense dropped 15.8% MoM0…
Not a great report with a year until the Presidential elections.
(Excerpt) Read more at confoundedinterest.net ...
Bidumb economics at work.
At least there are no more mean tweets
There’s a big slowdown across a lot of manufacturing sectors. I’ve been seeing OEM’s pushing orders out, distributors have been ordering much lower quantities over the past few months when compared to historicals.
For all the talk about no recession, the reality just isn’t living up to all that talk. At a recent supply chain conference, not a single person I spoke with was talking about ordering demand being higher.
We sell machine tools to manufacturing companies. This is the worst it has been in the 18 years in business. Glad we are in our mid 60s. May just shut it done and go fishing.
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