After January’s headline factory orders tumbled MoM (following December’s unexpectedly large jump), consensus estimates are for February to see a further (0.5%) decline (which would fit with the declining ISM data yesterday). However, Feb Factory Orders tumbled 0.7% MoM (and worse still, January was revised down to a 2.1% decline).
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Finally, WTF is going is on here…
Outside of the COVID lockdowns, ISM Manufacturing survey is in the deepest contraction since the Great Financial Crisis, but manufacturers’ orders are ‘steady’?
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