US Factory Orders Tumble In February, Biggest Drop Since April 2020 Lockdown Collapse

US Factory Orders Tumble In February, Biggest Drop Since April 2020 Lockdown Collapse

After nine straight months of gains, US Factory Orders were expected to fall 0.6% MoM in February (echoing the unexpected tumble in durable goods orders and relative weakness in Manufacturing ISM). The final print actually dropped 0.5% MoM, so slightly better than expected, but still significant in its decline from the upwardly revised +1.5% jump in January…

Source: Bloomberg

That is the biggest MoM drop since April 2020’s COVID lockdown crash… and the 12.6% YoY rise is the weakest since Feb 2021.

The final print for February Durable Goods Orders came in at -2.1% MoM vs preliminary drop of 2.2% MoM.

Non-defense new orders saw a big 6.7% drop while Defense orders jump ed 14.0% (with defense aircraft up 60.1%).

War saves the day again?

Tyler Durden
Mon, 04/04/2022 – 10:07

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