Amid significant revisions, September's factory order growth slowed from +2.6% MoM in August to +0.7% MoM as it seems the pre-tariff surge is over...

Year-over-year growth in factory orders also slowed notably but remains solid...

Notably, New orders ex-transports for September rose 0.4%, and New orders ex-defense were unchanged for September after rising 1.5% in August as defense new orders plunged 14.5% MoM.

And down 9.4% YoY - the worst since Dec 2017...

It seems we're gonna need more war......