US Factory Orders Tumble, Miss By Most Since January

US Factory Orders Tumble, Miss By Most Since January

Submitted by Tyler Durden on 12/05/2014 10:18 -0500
http://www.zerohedge.com/news/2014-12-05/us-factory-orders-tumble-miss-most-january

But, but, but payrolls data was awesome!! US Factory Orders tumbled 0.7% in October (missing 0.0% expectations) for the 3rd month in a row (for the first time since June 2012). Rather notably, the only other time we had 3 straight months of factory orders declines was in the recession and the 2012 decline was saved by QE3. The data was ugly across the board: Non-durable orders -1.5%, non-defense, ex-air tumbled 1.6%, and inventories-to-shipments levels are at the year’s highs. More problematically for GDP enthusiasts, October inventories of manufactured nondurable goods decreased 0.5% to $249.0 billion driven by petroleum and coal products (but wait lower oil prices are unequivocally good right?)

Factory Orders dropped for the 3rd month in a row…

Charts: Bloomberg

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