Meanwhile, German Factory Orders Were A Trainwreck

Brooklyn train crash

Photo: wikimedia commons

We just got two bad pieces of econ data.First was the Canadian jobs report. Supposedly 54K jobs were shed, which was well worse than expectations of a gain of 15K.

And now: German factory oders: They just declined at a stunning 4.3% rate month over month.

This was well worse than the 0.1% gain that was expected and far below the 1.4% decline from last month.

Just really ugly all around, and when you combine it with the ugly ISM numbers this week, it seems hard to dispute that Europe is in a recession now.

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