Image Source: Pixabay
 

While US Manufacturing PMIs improved in August (after falling in July), today's 'hard' data for US Manufacturing (for July) was expected to show another decline (after June's large 4.8% MoM post-tariff-front-running drop).

Headline factory orders fell 1.3% MoM (as expected) as the hangover from the massive tariff-front-running in May lingers, dragging orders down to just a 1.6% YoY gain...
 

Source: Bloomberg
 

As a reminder, May's tariff-front-running surge up 8.3% was the second biggest monthly jump in 69 years.
 

Core orders (ex-Transports) rose 0.6% MoM (the third monthly rise in a row)
 

Source: Bloomberg
 

Finally, on the bright side, is the pick up in 'soft' Manufacturing data signaling a silver lining in August factory data?
 

Source: Bloomberg
 

No matter, the Fed meets before the next print.

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