"...longest streak of declining factory orders outside of a recession in history."

For the 8th month in a row, US factory orders fell YoY. Down 6.2% in June, this is the longest streak of declining factory orders outside of a recession in history. MoM, factory orders rose 1.8% - as expected - the most since May 2014 but historical orders and shipments were revised lower. Much of the MoM gain was driven by a21% rise in defense aircraft shipments. Inventories contonue to rise leaving inventories-to-shipments ratios at cycle highs.

Would have been considerably worse if not for a 21% rise in Defense aircraft orders... thank the Keynesian gods for war!!!

Charts: Bloomberg

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