Some handy graphics from FloatingPath…

Factory Orders increased in June (note: USD was weak in June) and had been on par throughout the ‘expansion' after the big reversion in 2009. Most recently, growth is in a negative trend (again, hello Uncle Buck).

Unfilled orders have been declining as manufacturers play catch up to their bookings…

While at the same time Inventories have been flat…

Inventories to Shipments continue to rise and that can be a precursor to some economic stresses, as the bounces in 2000 and 2006 were. 2008 was a real time meltdown extravaganza that was born of those and other economic stresses (like an impulsive meltdown of leveraged, financialized portions of the economy).