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.