April US factory orders +1.0% vs +1.5% exp

• Prior reading was -4.9% (revised to -4.7%)
• Factory orders excluding transportation down 0.1% after  a 2.8% drop in March
• April durable goods orders revised to +3.5% from +3.3%
• Durables non-defense ex-air unrevised at +1.2%

The second quarter started on a soft footing but that’s old news at this point. The May ISM is the focus at the moment.