Headline US factory orders rose just 0.3% MoM in May (well below the +0.8% MoM exp), dragging the YoY change into the red (down 1.0% YoY) for the first time since Oct 2020...

Worse still, core factory orders fell for the 4th straight month in May, down 4.24% YoY (worst since Sept 2020)...

And if ISM data is anything to go by this is about to get much worse...

is this the 'hard landing' that The Fed is looking for? And for those who still believe the Services Sector can survive with a collapsing Manufacturing sector - see European PMIs this morning. They're not independent, they are cyclically linked in lead-lag regime.

...core factory orders fell for the 4th straight month in May.
{ai:summary}<p>US factory orders in May rose just 0.3% MoM, well below expectations. The YoY change turned negative for the first time since October 2020, down 1.0% YoY. Core factory orders also fell for the fourth consecutive month, down 4.24% YoY in May, the worst since September 2020. This indicates a potential 'hard landing' that The Fed has been anticipating. #economy</p>

US Factory Orders Decline YoY For First Time Since Oct 2020

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