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Factory Orders continues to slow after pandemic surge.

Questions to ask:

1. Is the slowing just reversion after a pandemic surge because of supply chain disruptions, onshoring, low interest rate, stimulus?
2. Thus, will this be the soft landing everyone is hoping for?
3. Does it matter as slowing activity is slowing activity and activity continues to slow?

No one knows the answer to these questions for certain. Time will tell over the next few months. The series has had mid-cycle lulls and reversions before, but caution is warranted as the growth series continues toward 0 on a YOY basis.

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