Headlines will crow of the fact that US Factory Orders rose 0.4% MoM in May (better than the expectations), rebounding from the 0.4% drop in April (pushing factory order growth up 9.2% YoY – highest since June 2017).
However, what most will miss is that absent defense, new orders dropped 0.1% MoM after falling 0.6% MoM in April.
Which economy is booming America?
Defense Aircraft & Parts were up 21.1% MoM…
But automaker new orders plunged most since Jan 2015…
War is a racket, indeed.
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