'Growth Scare' Narrative Builds As US Factory Orders Plunge Most Since COVID Lockdowns In June

'Growth Scare' Narrative Builds As US Factory Orders Plunge Most Since COVID Lockdowns In June After this week's 'soft' survey data signaled serious ugliness in the US manufacturing economy... Source: Bloomberg ...this morning we get 'hard' data confirmation as US Factory Orders plunged 3.3% MoM in June (the biggest MoM drop since COVID lockdowns), dragging orders down 3.6% YoY (also the worst since COVID lockdowns)... Source: Bloomberg The final durable goods orders print was worse than the initial - down a shocking 6.7% MoM... Source: Bloomberg All of which is...