After surging in March - tariff-frontrunning dominated with the largest MoM rise since July 2020 - US Factory Orders tumbled 3.7% in April (worse than the 3.2% MoM decline expected). Also, the 4.3% rise in March was revised down to a 3.4% MoM rise...

The MoM drop was the biggest since Jan 2024 as tariff-frontrunning faded, dragging the headline orders down to just +0.9% YoY.

Core Factory Orders (excluding the more volatile Transportation sector) fell for the second straight month, down 0.5% MoM

That weakness dragged core factory orders down 0.08% YoY.

Is the 'hard' data and 'soft' data about to start converging?

...as tariff-frontrunning faded.
{ai:summary}US Factory Orders fell 3.7% in April, exceeding expectations of a 3.2% decline, marking the largest drop since January 2024. March's increase was revised down from 4.3% to 3.4%. Core Factory Orders also declined for the second month, down 0.5% MoM. This decline raises questions about the convergence of hard and soft economic data, leaving uncertainty about whether this trend is temporary. #economy

US Factory Orders Plunged In April

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