Manufacturing Recession Deepens: Factory Orders Drop To Five Year Low; 16 Consecutive Declines

In 60 years, the US economy has not suffered a 16-month continuous YoY drop in Factory orders without being in recession. Moments ago the Department of Commerce confirmed that this is precisely what the US economy did, when factory orders not only dropped for the 16th consecutive month Y/Y, after declining 1.7% from last month…

… but at $454 billion for the headline number, this was the lowest print since the summer of 2011.

Market reaction: stocks rebound on the news and are now well in the green.