– US Factory Orders Tumble Most Since November… “We’re Gonna Need More War”:
Despite all the exuberance over ISM ‘soft’ data, ‘hard’ data takes another hit today as Factory Orders for May tumbled 0.8% (worse than the 0.5% expected drop) for the biggest slide since November. This is the second monthly decline in a row, signaling Q2 GDP may be weaker than expected.
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