Factory Orders were revised lower for March (from +1.9% to +1.3%) which prompted April's 0.8% decline to look slightly better than the expected 1.0% decline.

Ex-Transports, factory orders rose just 0.3% MoM in April and new orders ex-defense for April fall 0.9% after rising 0.5% in March.

However, away from the noise and oscillation of the monthly data, year-over-year, US Factory Orders grew at just 1.0% - the slowest rate of growth since Trump was elected.

And judging by PMIs, this is about to get a lot worse.