US factory orders have never dropped this far for so long without the US economy overall being in recession. November's 4.2% YoY drop is the 13th consecutive monthly drop. Revistions to durable goods data shows a 1% drop in new orders ex-defense in November after rising 1.4% in October.. and as a reminder, this data was buoyed by a 46.9% surge in defense aircraft and parts orders to all-time highs.
Factory Ordedrs are flashing deep red recessionary indicators...
And nominally orders are going nowehere...
Traders better hope for moar war or the reality of the economy will peak out from behind the military-industrial complex veil. This was the highest level of defense spending since 9/11!!