...orders have front-run spectre of tariffs coming in April 2.
...sustained uncertainties pose significant headwinds for economy and markets.
Coincident with the election, the share of manufacturing firms expecting new orders to increase over the coming six months surged in the Philly Fed survey The share of firms that expect new orders to rise over the next six months has subsequently plunged January: 64.5% February: 46.8% March: 31.6%
From @fcastofthemonth
: "The drop of -32.9 points over the last two months is the largest two-month decline in the share of those saying they expect future new orders to increase in any two-month period going back to the start of the data in 1968."
