After January's headline factory orders tumbled MoM (following December's unexpectedly large jump), consensus estimates are for February to see a further (0.5%) decline (which would fit with the declining ISM data yesterday). However, Feb Factory Orders tumbled 0.7% MoM (and worse still, January was revised down to a 2.1% decline)...

Source: Bloomberg

That slows the YoY growth in US Factory Orders to just 2.7% - the slowest since Feb 2021

Core Factory Orders were expected be be unchanged MoM in February but declined 0.3% MoM (and also saw January's 1.2% MoM rise revised down to 0.8% rise). Core Factory orders have basically gone nowhere for a year...

Source: Bloomberg

Finally, WTF is going is on here...

Source: Bloomberg

Outside of the COVID lockdowns, ISM Manufacturing survey is in the deepest contraction since the Great Financial Crisis, but manufacturers' orders are 'steady'?