The chart below showing the annual increase, or rather, decrease in US factory orders which have now declined for 6 months in a row (so one can't blame either the west coast port strike or the weather) pretty much speaks for itself, and also which way the US "recovery" (whose GDP is about to crash to the 1.2% where the Atlanta Fed is modeling it, or even lower) is headed.

As the St Louis Fed so kindly reminds us, the two previous times US manufacturing orders declined at this rate on an unadjusted (or adjusted) basis, the US economy was already in a recession.

And now, time for consensus to be shocked once again when the Fed yanks the rug from under the feet of the rite-hike-istas.