EDITOR: Things are not looking good for US Manufacturing in the short term. March saw a huge decline in factory orders.... and this is before the lockdowns started in March. Keep an eye on US Manufacturing. US companies are already starting to move overseas manufacturing back to the US... but that is going to take time.
Amid collapsing employment, crashing sentiment signals, and carnage in any hard data signals around the world, it is no surprise that analysts expected a 9.7% MoM plunge in factory orders in March (still before the major lockdowns in April).
But the actual print, down 10.3% MoM, was notably worse and sent Factory orders down 11.4% YoY - the worst since the great financial crisis (ignoring the 2014/5 aberration)....
Read the rest of the article, with additional charts at https://www.zerohedge.com/markets/us-manufacturers-new-orders-crash-most-ever-and-april-will-be-worse