US Factory Orders Surprise To Upside, Remain Down 6.2% YoY

After a solid 6.2% surge in June, US factory orders were expected to improve on that bounce with a 6.2% rise in July (especially after the scream higher in ISM Manufacturing’s New Orders index yesterday), but the data was even better with a 6.4% rise (and a revised higher 6.4% rise in June).

However, on a YoY basis, Factory orders remain down 6.2%…

Source: Bloomberg

The ‘v’ is still there in the hard data, but it is nothing like as ‘confident’ as the ‘soft data’ suggests…

Source: Bloomberg

We wait to see what Friday’s jobs data says but for now, it is the ‘soft’ survey data that is leading the hype and ‘hard’ reality just not living up to the hype.

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