Today’s preliminary report on manufacturers’ new orders, sales, and inventories was mixed, with a huge headline drop but stronger results under the hood…especially relative to disastrous manufacturing sentiment series in March and April. Leaving aside the broader implications of the report, we wanted to highlight one series in particular. With Boeing (BA) reeling from the ongoing problems with its 737-MAX design and the global shock to its customers in the form of COVID-19, the US aerospace industry is under immense pressure. Things are so bad that orders are being canceled faster than new orders are placed. That situation is not without precedent; it applied for a stretch in 2008-2009 as well. But the scale of net negative order growth is much, much larger this time around. Across all US manufacturers in March, $16.35bn more orders were canceled than new orders received. Start a two-week free trial to Bespoke Institutional to access our Chart Scanner, custom screens, and much more.