Huge drop and much worse than expected in Japan’s machinery orders.  The Japan Cabinet Office reports,

1)  The total value of machinery orders received by 280 manufacturers operating in Japan decreased by 14.5% in May from the previous month on a seasonally adjusted basis

2) Private-sector machinery orders, excluding volatile ones for ships and those from electric power companies, decreased a seasonally adjusted by 14.8% in May.

The slowdown in Europe and China really starting to bite globally.

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