US Factory Orders Top 2018 Highs, Despite Tumbling ISM
Despite a notably weak print for ISM’s Manufacturing survey (at 2021 lows), analysts expected US Factory orders to continue their rebound back near 2018’s record highs, and they did, rising 1.5% MoM, better than the 1.0% increase expected.
That is the 13th monthly increase of the last 14 and puts Factory orders back at their 2018 highs.
The final print for durable goods orders in June were slightly better than expected and improved over the month.
Finally, just like we saw in Q2 2018, survey data appears to be signaling something not so positive for US factory orders going forward…
Unless, of course, we get another few trillion in Washington largesse washing around the nation’s crony capitalists.
Tue, 08/03/2021 – 10:06