‘Growth Scare’ Narrative Builds As US Factory Orders Plunge Most Since COVID Lockdowns In June

‘Growth Scare’ Narrative Builds As US Factory Orders Plunge Most Since COVID Lockdowns In June

After this week’s ‘soft’ survey data signaled serious ugliness in the US manufacturing economy…

Source: Bloomberg

…this morning we get ‘hard’ data confirmation as US Factory Orders plunged 3.3% MoM in June (the biggest MoM drop since COVID lockdowns), dragging orders down 3.6% YoY (also the worst since COVID lockdowns)…

Source: Bloomberg

The final durable goods orders print was worse than the initial – down a shocking 6.7% MoM…

Source: Bloomberg

All of which is adding to the ‘growth scare’ narrative that has been quietly accelerating…

Source: Bloomberg

How long before The Fed is forced into dovish retreat (adjusting its two-cuts-by-year-end forecast to the market’s four cuts!).

Tyler Durden
Fri, 08/02/2024 – 12:10

0 comments on “‘Growth Scare’ Narrative Builds As US Factory Orders Plunge Most Since COVID Lockdowns In JuneAdd yours →

Leave a Reply

Your email address will not be published. Required fields are marked *