Inside The Factory Orders Data

Courtesy of FloatingPath.com, below are some items within the disappointing April Factory Orders report.

It is notable that April was the month that USD made its secondary‘lower high’ top.  So that put pressure on orders.  Although USD spent much of the month declining, any benefit to manufacturers did not seep through on such a short time frame.

Any data release like this is a snapshot, not a be-all, end-all.  But the graphs below do show the potential for an economic slowdown.

New Orders decreased .4% in April and 6.4% from a year ago.

Unfilled Orders dropped but are still up 7% from a year ago.

Inventories are up .1% from a year ago but are at levels that attended the last 2 recessions.  FWIW…

Inventories to Shipments tends to make a short-term rise into recession prior to hard drops.

Shipments, Inventories & Orders…