After a surprisingly large jump (+3.4% MoM) in January, analysts expected slower growth in preliminary February data but instead it tumbled 1.1% MoM (+0.5% MoM exp). This is the first drop since April and slows the annual gain to +2.3% YoY (which of course will explode next month against March plunge comps).

These are orders - so are not affected per se by any global supply chain disruptions.

Core capital goods orders, a category that excludes aircraft and military hardware and is seen as a barometer of business investment, dropped 0.8% after an upwardly revised 0.6% gain.

And Capital Goods Shipments non-defense also dropped for the first time since April.