Despite ISM Slump, US Factory Orders Soared In June

Analysts expected US Factory Orders to rise in June for the 9th straight month and they did, surging 2.0% MoM (far better than the +1.2% expected) and accelerating from the upwardly revised +1.8% MoM in May)…

Source: Bloomberg

And notably, this factory orders increase comes as ISM’s survey show manufacturing orders tumbling?

Source: Bloomberg

Perhaps the survey is ‘real’ (inflation adjusted) and the hard data is nominal? Or the survey is just a sign of ugly things to come (like in 2007).