• Prior month +8.3% revised from 8.2%
• Factory orders month to month, and as expected at -4.8%.
• Factory Orders ex Trans. 0.4% versus 0.3% last month (revised from 0.2%).
• Durable goods orders will revise -9.4% versus -9.3% advanced.
• Durable goods ex defense -9.4% versus -9.4% advanced. Last month +15.7%
• durable goods ex transportation +0.2% versus 0.2% advanced. Last month 0.6%
• Non Defence capital Ex Air -0.8% versus -0.7% advanced. Last month 2.0%

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.