Other details from the Census Department:
New orders: ↓ 4.8% to $611.7B (after +8.3% in May)
Shipments: ↑ 0.5% to $602.4B (second monthly gain)
Unfilled orders: ↑ 1.0% to $1,469.9B (11 of last 12 months higher)
Unfilled orders-to-shipments ratio: ↑ to 7.03 (from 6.98)
Inventories: ↑ 0.2% to $945.6B (up 8 of last 9 months)
Inventories-to-shipments ratio: steady at 1.57
Oh No! The number was down sharply this month. Is it manipulated? Or is it manipulation only on the revisions? /S
Looking at the last three months, there has been declines -3.9% and -4.8%. Add them up is -8.7%. That offset the gain of 8.3%. If you look at the 4 months which is more or less corresponding with tariff season, the 4 month saw factory orders increase by 3%.
What we can conclude is the volatility is increased as a result of the tariff uncertainty, front running, etc.
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