Core US Factory Orders Surged In March To Best YoY Growth Since Nov 2022

Headline Factory Orders rose 1.5% MoM in March (dramatically better than the 0.6% MoM expected) – the best since November. February’s data was also revised higher. However, overall, orders were only up 2.1% YoY – the lowest since JUly 2025

Source: Bloomberg

Core Factory Orders surge 1.6% MoM (also better than the 1.3% MoM expected) and up for the 5th straight month. That dragged the YoY growth in core orders up 4.09% YoY – the best since Nov 2022…

Source: Bloomberg

Given the surge in ISM Manufacturing’s New Orders sub-component…

Source: Bloomberg

…there is a notable divergence between the ‘soft’ survey data and the ‘hard’ data.