US factory orders..

US factory orders rose in April, after a sharp fall in March (with March orders being revised upwards), carried again by volatility in transportation orders (up 8.4% on the month, close to 6% on the year, but 3% below July 2011 levels).  

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The overall trend remains weak:

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Non defense capital goods excluding aircraft were up 1.2% on March – but they are only up 1.6% on October 2011.  6 month figures look better in the light of last year’s summer swoon.  Consumer goods orders are weaker still:

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Motor vehicles and parts keeps moving on, although I have expressed my concerns over this particular component for a number of reasons:

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