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US Factory Orders Dropped Again In July As Tariff Front-Running Hangover Lingers
Abstract：While US Manufacturing PMIs improved in August (after falling in July), today's 'hard' data for US M
While US Manufacturing PMIs improved in August (after falling in July), today's 'hard' data for US Manufacturing (for July) was expected to show another decline (after June's large 4.8% MoM post-tariff-front-running drop).
Headline factory orders fell 1.3% MoM (as expected) as the hangover from the massive tariff-front-running in May lingers, dragging orders down to just a 1.6% YoY gain...
Source: Bloomberg
As a reminder, May's tariff-front-running surge up 8.3% was the second biggest monthly jump in 69 years.
Core orders (ex-Transports) rose 0.6% MoM (the third monthly rise in a row)
Source: Bloomberg
Finally, on the bright side, is the pick up in 'soft' Manufacturing data signaling a silver lining in August factory data?
Source: Bloomberg
No matter, The Fed meets before the next print.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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