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Factory Momentum Remained Sluggish At Best Going Into Q2

US DATA
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US factory orders growth was steady in April at 0.7% (vs 0.6% expected, 0.7% prior), with ex-transportation orders accelerating modestly at 0.7% (vs 0.5% expected, 0.4% prior).

  • Meanwhile, April durable goods orders were revised down a touch at 0.6% in the final reading (0.7% prelim), with core capital goods orders (nondefense ex-aircraft) likewise down 0.1pp in the final to 0.2%.
  • Core durable goods orders growth is running at 1.0% on a 3M/3M annualized rate, while factory orders are regaining a little momentum on that basis as very weak Dec/Jan readings drop out but are still running at a negative rate (-0.6% 3M/3M ann).
  • Overall these data contained few surprised but showed a continued lack of momentum in the US manufacturing sector going into Q2 2024, with more recent survey evidence including May's MNI Chicago PMI and ISM Manufacturing suggesting no acceleration and potentially further deterioration going forward.

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US factory orders growth was steady in April at 0.7% (vs 0.6% expected, 0.7% prior), with ex-transportation orders accelerating modestly at 0.7% (vs 0.5% expected, 0.4% prior).

  • Meanwhile, April durable goods orders were revised down a touch at 0.6% in the final reading (0.7% prelim), with core capital goods orders (nondefense ex-aircraft) likewise down 0.1pp in the final to 0.2%.
  • Core durable goods orders growth is running at 1.0% on a 3M/3M annualized rate, while factory orders are regaining a little momentum on that basis as very weak Dec/Jan readings drop out but are still running at a negative rate (-0.6% 3M/3M ann).
  • Overall these data contained few surprised but showed a continued lack of momentum in the US manufacturing sector going into Q2 2024, with more recent survey evidence including May's MNI Chicago PMI and ISM Manufacturing suggesting no acceleration and potentially further deterioration going forward.