Factory Orders Spike Most In 11 Months Thanks To Surge In Transports

After tumbling in July, Factory Orders were expected to rebound in August (especially if you believe in the ISM survey data) and rebound they did – spiking 2.3% MoM, the biggest jump since Sept 2017.

Under the surface, it was clear where all the gains came from as New orders ex-trans. for August rose just 0.1% MoM…

Thanks to a 53% MoM spike in Aircraft and Parts)…

New orders ex-defense for Aug. rise 1.3% after falling 0.2% in July

But despite this orders rebound, the ‘reality’ gap between ‘soft’ survey data (thanks to this week’s ISM) and ‘hard’ real economic data continues to push back near post-Trump (and record) wides…