After tumbling in July, Factory Orders were expected to rebound in August (especially if you believe in the ISM survey data) and rebound they did – spiking 2.3% MoM, the biggest jump since Sept 2017.

Under the surface, it was clear where all the gains came from as New orders ex-trans. for August rose just 0.1% MoM…

Thanks to a 53% MoM spike in Aircraft and Parts)…

New orders ex-defense for Aug. rise 1.3% after falling 0.2% in July

But despite this orders rebound, the ‘reality’ gap between ‘soft’ survey data (thanks to this week’s ISM) and ‘hard’ real economic data continues to push back near post-Trump (and record) wides…