‘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 June” Add yours →